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2015 (6) TMI 1199 - AT - Income TaxLevy of penalty u/s.271(1)(c) OR 271AAA - search conducted u/s. 132 - in statement made u/s.132(4) assessee offered total additional undisclosed income - HELD THAT:- The entire penalty order refers to levy of penalty for the concealment of income because the income was offered only after the search and since income was not offered in the original return of income, penalty was leviable. In the anxiety of levying the penalty u/s. 271(1)(c) of the Act, the Officer simply ignored the provisions of sec. 271AAA of the Act which have been introduced for the searches conducted on or after 01/06/2007. The Officer failed to appreciate that the assessee has fulfilled all the conditions mandatory to get immunity from the levy of penalty. AO did not consider the fact that in his statement made u/s. 132(4) of the Act, the assessee has offered additional income for tax. The assessee has paid taxes on the said undisclosed income offered and the assessee has explained the source from which the said income has been earned. We, therefore, do not find any merit in the grievance of the Revenue. We, therefore decline to interfere with the findings of the Ld. CIT(A). - Decided against revenue
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