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2015 (10) TMI 1454 - ITAT DELHIPenalty under sec. 271AAA - CIT(A) deleted the penalty - Held that:- The assessee had agreed to the addition and clearly stated in reply to question Nos. 28 and 29 that stock records are not maintained and stock is considered on estimate basis. None-maintenance of stock records with stock being valued on estimate basis is a fact accepted by the department. The assessee has also paid the tax together with interest in respect of undisclosed income. We thus find that all the above three ingredients have been fulfilled by the assessee in the present case. The assessee has not only admitted the undisclosed income and specified the manner in which such income has been derived in its statement recorded during the course of search but has also substantiated the manner in which the undisclosed income was derived. It is an undisputed fact that the assessee has paid the tax together with interest, if any, in respect of the undisclosed income. Under these circumstances, we are of the view that the Learned CIT(Appeals) has rightly deleted the penalty in question levied by the Assessing Officer. - Decided in favour of assessee.
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