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2016 (1) TMI 665 - AT - Income TaxPenalty under section 271AAA - CIT(A) deleted the penalty holding that the cash seized from the assessee is deemed to be adjusted against the tax due from the assessee - Held that:- The basis for penalty levied by AO was that the assessee has not paid full tax alongwith interest on the undisclosed income which is required under section 271AAA(2)(iii) of the Act whereas in the present case the entire amount has already been deposited. Therefore it was rightly held by the CIT(A) that it is not a fit case for penalty under section 271AAA for the reasons that the request for adjustment of seized cash has been made and it is evident from the computation of income filed alongwith the return of income and more particularly when AO has finally made adjustment. Therefore the conditions as stipulated in sub-section (iii) to section 271AAA(2) is also deemed to have been satisfied. Therefore we are of the considered view that the order of the CIT(A) need no interference from our part. - Decided in favour of assessee.
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