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2013 (8) TMI 965 - AT - Income TaxLevy of penalty u/s 271AAA - Undisclosed Income - Assessment u/s 153A post search and seizure u/s 132 - It was alleged that assessee has failed to specify and substantiate the manner in which the undisclosed income has been derived and it has further failed to pay the tax together with interest in respect of the above undisclosed income. - HELD THAT;- In absence of specific query raised, the assessee is not expected to specify the manner in which the undisclosed income was derived and substantiate it, still he has specified the manner substantiation of which cannot be disputed in absence of any adverse finding on the manner explained by the assessee and accepted as such in the assessment framed u/s 153A of the Act. The authority were not justify in imposing the penalty of ₹ 80 lacs u/s 271 AAA of the Act, thus directed to be deleted.
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