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2018 (10) TMI 1757 - AT - Income TaxPenalty u/s. 271AAA - admit, specify and substantiate the undisclosed income - HELD THAT:- In vigilant and careful reading and analysis of the questions posed to Shri Jerambhai Patel by the statement recording authority, it is clear that there was no occasion for Shri Jerambhai Patel to state and make averments in the exact format as stipulated and required under clauses (i) & (ii) of sub s. (2) of s. 271AAA of the Act and in this scenario and considering the environment in which statement u/s. 132(4) of the Act is recorded it is not practically possible and correct to expect from the assessee, whether educated or uneducated, to specify and to point out the facts complying with the requirement of conditions stipulated in the clauses (i) & (ii) of sub s. (2) of s. 271AAA We reach to a logical conclusion that the ld. CIT(A) was right in granting relief to the assessee by following ratio of the decision of Mahendra C. Shah [2008 (2) TMI 32 - GUJARAT HIGH COURT] which has been referred by Hon’ble Jurisdictional High Court in its subsequent judgments in the cases of PCIT v. Emirates Technologies Pvt. ltd. [2017 (8) TMI 387 - DELHI HIGH COURT] and PCIT vs. Swapna Enterprises [2018 (2) TMI 57 - GUJARAT HIGH COURT]
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