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2014 (5) TMI 1179 - AT - Income TaxPenalty levied u/s 271AAA - conditions laid down in sub-section(2) of section 271AAA not been fulfilled by the assessee - surrender of income consequent to search - assessee could not explain the manner in which the undisclosed income had been derived by him - Held that:- The transactions which could not be verified from the regular books of account of assessee’s business were surrendered by him. It is a fact that the A.O. has admitted this surrender on the basis of assessee’s business activity being carried on by him. There is no specific finding or evidence with reference to the seized material or in the statement from which contrary view can be taken. On similar facts, the Cuttack Bench of the ITAT while deciding the case of Pramod Kumar Jain reported in [2012 (12) TMI 629 - ITAT CUTTACK] as relied upon by the ld. CIT(A), has taken a view that there is no prescribed method to indicate the manner in which income was generated when the definition of ‘undisclosed income’ has been defined in the Act itself when no income of the specified previous year represented “either wholly or partly’ which onus lay upon the assessee stood discharged. Therefore, levy of penalty u/s 271AAA of the Act has been correctly deleted by the ld. CIT(A). - decided in favour of assessee.
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