SANJIV KHANNA, J.

This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (Act, for short) impugns the order dated 17th April, 2018 passed by the Income Tax Appellate Tribunal (Tribunal, for short) in the case of Bhavi Chand Jindal (respondent-assessee, for short). The impugned order affirms the order passed by the Commissioner of Income Tax (Appeals) deleting penalty of Rs.3 crores imposed by the Assessing Officer under Section 271AAA of the Act. The appeal relates to Assessment Year 2012-13.

2. Having heard learned counsel for the appellant-Revenue, we are not inclined to interfere with the impugned order for several reasons.

3. The assessment order records that the respondent-assessee is an individual, who was subjected to search and seizure operations at his premises at Kolkata on 14th November, 2011. Later on, this case was centralised with Central Circle-14, New Delhi alongwith Jindal Group of cases, which were also covered by the said search. The relevant portion of the assessment order reads as under:-

“The assessee was confronted on the documents found and seized from his residence premises 20C, Belvedre Alipore, Kolkata, from factory premises of M/