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2015 (4) TMI 749 - AT - Income TaxDeletion of penalty levied u/s 271AAA - post search assessment - undisclosed income - disclosure made by the assessee for undisclosed income - Conditions for waiver of penalty fulfilled - AO accepted the disclosed income & Assessee paid the tax with interest - Held that:- We find that CIT(A) while deleting the penalty has noted that the conditions provided u/s. 271AAA(2) are required to be fulfilled so as to grant immunity to the asssessee from penalty. He has further noted that all the three conditions have been fulfilled by the assessee and further relying on the decision of Hon’ble Gujarat High Court in the case of Mahendra C Shah [2008 (2) TMI 32 - GUJARAT HIGH COURT] and Radha Krishna Goel [2005 (4) TMI 47 - ALLAHABAD High Court] had held that assessee had made disclosure of unaccounted income while recording statements u/s. 132(4) of the Act and had also paid the tax with interest. He has further given a finding that the AO in the assessment order passed u/s. 143(3) of the Act had accepted the disclosed income declared by the assessee and no addition on account of undisclosed income has been made by the AO. He has further given a finding that AO was satisfied about the disclosed income offered in the return of income and the manner in which the income was derived. We thus find that Ld. CIT(A) by a detailed and reasoned order deleted the penalty, Revenue has not brought any material on record to controvert the findings of the CIT(A) or how the ratio of decisions relied by ld. CIT(A) not applicable to the present facts. In view of the aforesaid facts, we find no reason to interfere with the order of Ld. CIT(A). - Decided against the revenue.
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