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2015 (4) TMI 664 - AT - Income TaxPenalty for income admitted during search - Income was disclosed in return and tax paid with interest - Held that:- It is an undisputed fact that during the course of search and seizure action a disclosure of ₹ 5,01000/- was made by the Assessee and the same was also included by the assessee in the return of income filed in response to notice under section 153A of the Act. The return filed by the assessee has also been accepted by the AO and no addition has been made by AO. The AO in the present case had levied penalty on the amount surrendered by the assessee during the course of search and seizure operation and the aforesaid penalty was confirmed by Ld. CIT(A) by following the decision in the case of Kirit Dayabhai Patel. We find that the decision in the case of Kirit Dayabhai Patel was challenged by the assessee and the Hon’ble Gujarat High Court vide order dated 03-12-2014 [2015 (1) TMI 201 - GUJARAT HIGH COURT]has reversed the order of Hon’ble Tribunal. Revenue has not brought any binding contrary decision in its support. We therefore respectfully following the decision of Hon’ble Gujarat High Court in the case of Kirit Dayabhai Patel [2015 (1) TMI 201 - GUJARAT HIGH COURT], hold that no penalty is leviable in the present case and thus direct its deletion. - Decided in favour of assessee.
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