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2018 (10) TMI 1673 - AT - Income TaxPenalty levied u/s 271AAA - cash surrendered during search conducted on the assessee u/s 132 - capital introduced in firms - HELD THAT:- Undisputedly the entire surrender made by the assessee on account of capital introduced in firms documents found and cash was accepted and assessed to tax by the Revenue. All taxes thereon had been paid Admittedly no portion of the surrender had been assessed separately under any other head. Therefore the decision of the ITAT in the case of Sanjeev Goyal [2015 (11) TMI 1618 - ITAT CHANDIGARH] applied to the entire surrender made, and the CIT(A) ,we hold had wrongly segragated the surrender made on account of cash by stating that the same was assessable u/s 69A of the Act, when the fact was that it had not been so assessed. On going through the order of the ITAT in the case of Sanjeev Goyal (supra) we find that it has been held in the said case that the disclosure of income u/s 132(4) during search having been made and the assessee having surrendered the same and included the same in the returns filed which have been accepted by the Revenue, no penalty u/s 271AAA is leviable for not specifying the manner of earning the income surrendered. All the aforesaid conditions admittedly stood fulfilled in the case of surrender made on account of documents found and capital introduced in the firm as per the CIT(A). The cash was also part of the same surrender and no distinction has been brought out of the same with the rest of the surrender made. We therefore hold that there was no basis for upholding the levy of penalty on the cash surrendered and the same is therefore directed to be deleted. The appeal filed by the assessee is, therefore, allowed.
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