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2017 (9) TMI 1827 - AT - Income TaxPenalty u/s 271AAB(1)(c) - as alleged assessee has failed to file the return of income within the specified time as prescribed in notice u/s 153A r.w.s 271AAB - inordinate delay of more than one year which cannot be set to be reasonable and also failed to substantiate the manner of deriving the income surrendered during search.- HELD THAT:- The assessee has paid the taxes by fully by 15-03-2013, before the filing of the return and also sought for time after allowing of filing of Income Tax Return beyond the date wide letter dated 20-09-2013 as his files were misplaced. Since assessee has paid taxes by 15/03/2013 no benefit is accrued by delaying the return. And hence we find no reason to interfere in the order of the CIT (A) on this issue. Addition on the account of investment made in the jewellery - levied penalty @30% on the undisclosed income - HELD THAT:- As the assessee has not disclosed the amount in either during the search or in the return filed CIT (A) confirmed the addition. We have gone through the records before us. The assessee has paid taxes on the amount which includes the surrender made during the search. The total amount of jewellery valued was ₹ 1,25,06,769 and the disclosure on account of search was ₹ 1,23,69,171. The addition of ₹ 1,37,598 was made on the difference of amount derived on valuation of jewellery. The difference in the value of 1.3 laks on valuaton of 1.2 crores is not unnatural but can be said to be a case of difference of opinion. In that circumstances it cannot be held to be a case of undisclosed income imposing penalty under section 271AAB(1) of the act. Hence the order of the Assessing Officer do not satisfy the conditions laid down in the section 271AAB (1) of the Act. Hence the penalty upheld by the CIT(A) @ 30% on the amount is hereby deleted. - Decided in favour of assessee.
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