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2017 (4) TMI 1291 - AT - Income TaxPenalty u/s 271AAA - whether the assessee has disclosed manner and substantiate that manner? - Held that:- In order to evaluate circumstances pertained to this condition, we find that reply to question 15 would show that group had different projects which have constructed building, thereafter, they have excluded certain amounts on a net basis from these projects, which were not accounted in the books. On account of search and seizure of the incriminating material, this net income was offered for taxation. The manner was disclosed as out of various housing projects constructed by the group. Apart from these questions, no other question relating to manner and substantiate earning of such income was asked from the assessee during the course of assessment proceedings. Similarly, we have extracted relevant part of the assessment order. The AO has nowhere asked the assessee to demonstrate the manner or substantiate that manner. Thus, taking into consideration facts and circumstances, we are of the view that the CIT(A) has rightly deleted the penalty - Decided in favour of assessee.
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