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2019 (1) TMI 1604 - AT - Income TaxPenalty imposed u/s. 271-AAA - surrender of undisclosed income was made in view of various discrepancies found in the course of search - assessee failed to specify the manner in which the undisclosed income surrendered by him was earned - HELD THAT:- As decided in PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) -I VERSUS SMT. RITU SINGAL [2018 (3) TMI 593 - DELHI HIGH COURT] held that the income which was ultimately brought to tax pursuant to the disclosure made, which was voluntary on the part of the assessee is stating the obvious. The assessee merely stated that the sums advanced were undisclosed income. However, she did not specify how she derived that income and what head it fell in (rent, capital gain, professional or business income out of money lending, source of the money etc). Unless such facts are mentioned with some specificity, it cannot be said that the assessee has fulfilled the requirement that she, in her statement (u/s 132 (4)) “substantiates the manner in which the undisclosed income was derived”. Such being the case, this court is of opinion that the lower appellate authorities misdirected themselves in holding that the conditions in Section 271AAA (2) were satisfied by the assessee. - Decided in favour of revenue.
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