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2015 (11) TMI 1618 - AT - Income TaxLevy of penalty under section 271AAA - surrender of income during the course of search and seizure operation - Held that:- As held in the case of Pramod Kumar Jain v. Dy. CIT [2012 (12) TMI 629 - ITAT CUTTACK] that the disclosure of income under section 132(4) during the search having been made and the assessee having surrendered certain income for the relevant assessment years in the statements during the course of search and filed returns declaring the same pursuant to notice under section 153A and which returns have been accepted by the AO, levy of penalty under section 271 AAA was not justified on the ground that the assessee has though made disclosure but failed to specify the manner in which such income had been derived. Hon'ble Tribunal further held that no definition could be given to the "specified manner" and there is no prescribed method given in the statute to indicate the manner in which income was generated. The assessee has specified and substantiated the manner of earning the income and has not violated any of the conditions specified u/s 271AAA(2), for granting immunity from penalty. We therefore hold that no penalty u/s 271AAA could be levied in the present case. Accordingly we uphold the order of the Ld. CIT(A) deleting the penalty. - Decided in favour of assessee
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