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2018 (2) TMI 1777 - AT - Income TaxPenalty u/s 271AAA - voluntary disclosure of income - 'manner’ of deriving undisclosed income - Held that:- A bare perusal of statement recorded under s.132(4) shows that no specific question were confronted to the assessee about the ‘manner’ in which the aforesaid undisclosed income were earned and towards ‘substantiation’ thereof. It is well settled by long line of judicial precedents including the decision of Hon’ble Gujarat High Court in the case of CIT vs. M/s.Mahendra D.Shah (2008 (2) TMI 32 - GUJARAT HIGH COURT) and Pr.CIT vs. Mukeshbhai Ramanlal Prajapati (2017 (7) TMI 966 - GUJARAT HIGH COURT) to hold that in the absence of any query raised by the Revenue towards ‘manner’ of deriving undisclosed income and ‘substantiation’ of the ‘manner’, the obligation to meet the aforesaid requirement for claiming immunity cannot be fastened on the assessee. Admittedly, the assessee has included the undisclosed income as recorded under s.132(4) of the Act and paid taxes thereon together with interest while filing the return of income. Therefore, in our considered view, the assessee has substantially complied with the conditions specified under s.271AAA(2) of the Act for exoneration from the clutches of penalty proceedings under s.271AAA of the Act. - Decided in favour of assessee
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