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2015 (3) TMI 264 - AT - Income TaxPenalty u/s 271AAA - Held that:- Penalty u/s 271AAA is not leviable if an assessee, in his statement recorded during the search u/s 132 of the Act, admits the undisclosed income, specifies and substantiates the manner in which it has been derived and pays the taxes due thereon, together with interest. Here, undisputedly, the assessee has paid due tax on the admitted undisclosed income. The question of specifying the manner in which the undisclosed income was derived, stood duly answered by the assessee before the authorities. The same was accepted by the AO, without variation, this fact itself evidencing the assessee having passed the test of Section 271AAA of the Act. Then, there is no specific format/procedure prescribed in the Act for specifying and substantiating an undisclosed income. The statement of the assessee, specifying the manner in which the undisclosed income was derived and substantiated, did not face any rebuttal or rejection at the hands of the AO. As there is no factual dispute, we uphold the contention of the assessee and deleted the penalty imposed u/s 271AAA on the item of income of ₹ 1,86,01,810/-. Thus the entire penalty levied u/s 271AAA, as confirmed by the Ld.CIT(A) is hereby deleted. - Decided in favour of assessee.
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