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2014 (1) TMI 748 - AT - Income TaxDeletion of Penalty u/s 271AAA of the Act – Undisclosed income – Held that:- Disclosure of Rs. 75 lacs was made and the same was also offered for tax and tax was also paid - Assessee had submitted that the unaccounted income was earned from undisclosed income - CIT(A) by well-reasoned order while deleting the penalty has noted that the bifurcation of disclosure of undisclosed income was admitted by the Assessee and also filed - the authorised officer did not ask any specific question on substantiating the manner in which income was derived - the income was earned by the Assessee and was satisfied about substantiating the manner in which the undisclosed income was earned - the assessee had paid tax along with interest on undisclosed income admitted during the course of search – Relying upon CIT vs. Mahendra C. Shah [2008 (2) TMI 32 - GUJARAT HIGH COURT] and CIT vs Radha Kishan Goel [2005 (4) TMI 47 - ALLAHABAD High Court] - deleted the penalty - Revenue has not brought any material on record to controvert the findings of CIT(A) – the order of the CIT(A) upheld – Decided against Revenue.
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