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2015 (7) TMI 330 - AT - Income TaxPenalty Section 271AAA r.ws. 271(1)(c) - CIT(A) deleted penalty levy - Held that:- CIT (A) while deleting the penalty has noted that the disclosure made by the assessee of undisclosed income of ₹ 2 crore was covered under the definition of “undisclosed income” as per the Explanation (a) to Section 271AAA r.ws. 271(1)(c) of the Act, the assessee had specified the manner in which the undisclosed income was earned and had substantiated the manner in which unaccounted income was earned. The CIT (A) while relying on the decision of High Court in the case of 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] has held that the principles laid down by the aforesaid decision squarely applies to the facts and circumstances of the present case. Before us the Revenue as not brought any contrary binding decision in its support nor could demonstrate as to how the principles laid down by the decisions relied upon the CIT (A) are not applicable to the facts of the aforesaid case. - Decided against revenue.
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