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2016 (5) TMI 1526 - ITAT RAJKOTPenalty proceedings u/s 271(1)(c) - assessment order u/s 153A - additional income disclosed in the return filed in response to the notice u/s 153A was a voluntary disclosure of income with a view to buy peace, and therefore, the alleged voluntary disclosure of income does not form within the mischief of deemed - HELD THAT:- As far as the first fold of stand point is concerned, deemed concealment of income ought to be supported by availability of money, bullion, jewellery not by an inference of existence of money, bullion, jewellery or valuable articles or entry. As far as second fold of submission raised by the ld.CIT(DR) in the written submissions is concerned, we find that the case of the assessee does not fall under the main provision. There is no addition to the income of the assessee. Returned income has been accepted as it is. Only by virtue of Explanation-5, this additional income declared by the assessee can be categorized under the deemed concealment. In the main provision, the case of the assessee cannot be brought. The assessee has placed on record copy of the statement recorded under section 132(4) of the Income Tax Act. We have perused the assessment order. AO has nowhere made a mention of any seized material. Thus, on facts there is no disparity. Therefore, all the appeals of the assessee are allowed and delete the impugned penalty for the respective assessment years.
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