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2016 (6) TMI 1303 - AT - Income TaxPenalty u/s. 271AAA - assessee not specified the manner in which the undisclosed income was earned - Held that:- In present case, income as discussed was trade advance, therefore, by virtue of the words "Trade Advance" it is apparent that it is unaccounted business income. The appellant has paid taxes on such undisclosed income, the Assessing Officer has assessed such income as business income without making any additions, therefore, the mannered to earn undisclosed income was there in the statement U/S 132(4). It is not disputed that there was disclosure U/S 132(4) of I.T. Act. and the Assessee has honoured the disclosure and paid tax thereon and filed return to that affect. The aforesaid order passed by the Ld. CIT(A) on the issue in dispute as well as the orders of the Tribunal and the Hon’ble High Courts relied upon by the Ld. CIT(A) while deleting the penalty in dispute, we are of the view that the Ld. First Appellate Authority has passed a well reasoned order which does not need any interfere on our part. - Decided against revenue
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