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2017 (10) TMI 1415 - ITAT DELHIPenalty u/s 271AAA - income surrendered consequent to the search and seizure operation - Held that:- The search took place on 31.07.2008 and the assessee submitted letters dated 14.12.2010 offering ₹ 15,00,000/- to tax. Records does not speak that the authorities ever questioned the assessee as to how the surrendered income was derived by the respective assessee. The surrender through letter dated 14.12.2010 was accepted by the AO as it is. Where the assessee having surrender certain income in the course of search filed return wherein the said amount was duly disclosed and the taxes were paid accordingly. Facts of the cases on hand being similar, the principle laid down in the decisions relied is applicable and while respectfully following the same, we hold the penalty in this matter u/s 271AAA of the Act cannot be sustained. We, therefore, direct the AO to delete the penalty. See COMMISSIONER OF INCOME TAX VERSUS SUDHIR JAIN [2013 (12) TMI 484 - DELHI HIGH COURT], NEERAJ SINGAL VERSUS ACIT, CENTRAL CIRCLE-13, NEW DELHI [2015 (3) TMI 680 - ITAT DELHI],SRI PRAMOD KUMAR JAIN & OTHERS VERSUS DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 2(1), SAMBALPUR. [2012 (12) TMI 629 - ITAT CUTTACK] - Decided in favour of assessee.
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