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2014 (11) TMI 1031 - AT - Income TaxPenalty u/s 271AAA - CIT(A) deleted the penalty - Held that:- Even if we were to go along with the stand of the Assessing Officer that the credit for the seized cash could be given for tax liability only after completion of assessment yet it follows that the assessee has paid tax with interest as required by clause (iii) of sub-section (2) of section 271AAA of the Act. The phraseology of clause (iii) of sub-section (2) of section 271AAA of the Act is pari-materia with the third condition in clause (2) of Explanation 5 to section 271(1)(c) of the Act; and, therefore following the ratio of the judgement of the Hon'ble Supreme Court in the case of Gebilal Kanhaialal HUF (2012 (9) TMI 297 - SUPREME COURT ), the CIT(A) made no mistake in holding that assessee has fulfilled the condition of clause (iii) of sub-section (2) of section 271AAA of the Act and accordingly the penalty levied by the Assessing Officer has been justifiably cancelled. - Decided in favour of assessee.
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