Unexplained money u/s 69a and penalty u/s 271(1)(c)

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Kamlesh Shyamlal Khanwani (Querist)
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07 February 2012 Sir, if the AO treats my cash found during the course of search u/s 132 as unexplained money u/s 69A, can he levy penalty u/s 271(1)(c) or u/s 271AAA.

Actually he found certain cash during search which according to him (i.e. AO) is not explained by us sufficiently and he has treated the same as unexplained money u/s 69A so can he levy penalty u/s 271(1)(c) or 271AAA???

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 February 2012 271AAA (1) will attract.

Message likes : 1 times

Kamlesh Shyamlal Khanwani

Kamlesh Shyamlal Khanwani (Querist)
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08 February 2012 Dear Chackrapani Sir,

Can I get a case law reference in which interest u/s 271AAA is levied and not u/s 271(1)(c) for unexplained money u/s 69A. It is urgent.. Please

Kamlesh Shyamlal Khanwani

Kamlesh Shyamlal Khanwani (Querist)
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09 February 2012 Dear Sir(s),

Please reply

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 February 2012 No case laws right now with me.

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