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2012 (12) TMI 629 - AT - Income TaxPenalty u/s 271AAA - Undisclosed Income – Enhancement in value of House Constructed and Trucks purchased - Held that:- No definition could be given to the “specified manner” insofar as the very statement on oath u/s.132(4) specifies the manner on which the assessee is prepared to pay tax thereon. As assessee has made disclosure for the respective amounts but failed to specify the manner in which such income had been derived a there is no prescribed method to indicate the manner in which income was generated when the definition of “undisclosed income” has been defined in the Act itself when no income of the specified previous year represented “either wholly or partly” which onus lay upon the assessee stood discharged - As decided in DCIT Versus Pioneer Marbles & Interiors Pvt Ltd [2012 (2) TMI 261 - ITAT, KOLKATA] wherein entire tax and interest has been duly paid well within the time limit for payment of notice of demand u/s 156 and well before the penalty proceedings were concluded, the assessee could not be denied the immunity u/s 271AAA(2) only because entire tax, along with interest, was not paid before filing of income tax return or, for that purpose, before concluding the assessment proceedings - Levy of penalty u/s.271AAA in the instant cases are not justified - penalty so levied cancelled - in favour of assessee.
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