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2013 (10) TMI 693 - AT - Income TaxPenalty u/s 158BFA - Block assessment - undisclosed income - Held that:- No evidence found as a result of search - undisclosed income has been computed merely on the basis of the surrender made by the assessee in the course of the block assessment proceedings. De hors the surrender, there is no evidence which could have been said to have been found as a result of the search and, therefore, the 'computation' of undisclosed income by the Assessing Officer in the block assessment proceedings cannot be construed as a 'determination' of undisclosed income contemplated under section 158BC(c) or 158BB, addition is not made on the basis of any evidence found in the course of search, the penalty imposed by the Assessing Officer under section 158BFA(2) is not sustainable - Following decision of Beena Rani Versus Deputy Commissioner of Income-tax [2010 (5) TMI 648 - ITAT DELHI] - Decided in favour of assessee.
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