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2012 (5) TMI 623 - AT - Income TaxPenalty levied u/s 271AAA - Held that:- As far as first condition is concerned, we find that assessee has fulfilled this condition as in the statement recorded at the time of search assessee, in reply to question No.5, stated that he was disclosing ₹ 50,00,000/- representing net on money receipts on land dealings as income. Thus assessee clearly specified that income is earned by way of getting on money in land dealings. Coming to the second condition, we have already observed that there is no dispute about the fact that neither at the stage of recording of statement of the assessee nor at the stage of assessment proceeding assess was asked, either by the authorized officer or by the A.O., to substantiate the manner in which this undisclosed income was derived. Under these circumstances, the assessee be deemed to have discharged his onus of substantiating the manner in which this undisclosed income was derived by him and therefore it cannot be said during penalty proceeding that assessee did not fulfill this condition. No infirmity in the order of ld. CIT(A) deleting this penalty - Decided in favour of assessee.
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