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2013 (2) TMI 734 - ITAT CHENNAIPenalty levied under s. 271AAA - Held that:- Assessee had filed a revised return before completing the assessment. When that is the case, the first return filed by the assessee is non est. The only valid return is the revised return filed by the assessee. In that return, the amount admitted by the assessee at the time of search was offered for taxation. The assessee has paid the tax; he has paid the interest. He has not preferred any quantum appeal. He has also explained about the business and stated that the jewellery was acquired over a period of time. When all the pieces are put together, we find that the CIT(A) is justified in holding that there is no ground to levy penalty in the present case under s. 271AAA. Accordingly, the order passed by the CIT(A) is upheld.
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