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2018 (11) TMI 1619 - AT - Income TaxPenalty u/s 271AAB - Search u/s 132 - voluntarily disclosure by assessee - assessee has declared income in question to the tune of ₹ 75,55,392/- towards his shares on the basis of the statement recorded u/s 132(4) of the Act made by the family/ business head - whether no incriminating material on which the AO has shown his satisfaction for the purpose of imposition of penalty? - HELD THAT:- In the absence of any reference to tangible material, mere act of acquiesce of ad-hoc income u/s 132(4) of the Act cannot be described as “undisclosed income” for the purpose of imposition of penalty u/s 271AAA of the Act. The penalty herein was imposed in the amended provision u/s 271AAB of the Act. Needless to mention that the definition of ‘undisclosed income’ under erstwhile Section 271AAA and Section 271AAB are identical. In that view of the matter the penalty imposed by AO confirmed by the first appellate authority without being supported by any incriminating material is devoid of any merit and the penalty is thus hereby deleted. - Decided in favour of assessee
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