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2015 (7) TMI 159 - AT - Income TaxPenalty levied u/s. 271AAA - assessees have not been able to substantiate the manner in which the undisclosed income has been derived - CIT(A) cancelled penalty levy - Held that:- A perusal of questions and answers put to the assessee, show that the undisclosed income and the source of income both were substantiated by the assessee during the course of search. Since, no further query was put to the assessee with respect to undisclosed income the assessee did not elaborate the same. We observe from the impugned orders that the assessees in their submissions before the Commissioner of Income Tax (Appeals) have given the bifurcation and source of income, declared in the hands of various members of the group.It is evident that the total undisclosed income under badla transaction and unaccounted transactions have been offered to tax in the hands of group members. Thus, in our considered view the assessees have been able to substantiate the manner in which undisclosed income has been derived. Since, all the three conditions as laid down in sub-section (2) of section 271AAA are satisfied. The levy of penalty u/s. 271AAA is not warranted. - Decided against revenue.
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