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2018 (7) TMI 2109 - AT - Income TaxPenalty u/s 271AAA - Disclosures of earning of the surrendered income - HELD THAT:- DR has pointed out that the manner of earning of the surrendered income has not been disclosed by the assessee whereas the assessee by letter dated 21.01.2010 has disclosed the manner of earning the said income by way of trading in commodities and real estate and also stated this fact is substantiated from the seized material. This factual position is not denied by the AO and this is not the basis for imposing the penalty. In that view of the matter and in view of such facts and circumstances of the case, the CIT(A) is not justified in confirming the action of the AO and accordingly, we direct the AO to delete the penalty imposed under section 271AAA. Accordingly, the appeal of the assessee is allowed - See SHRI ASHWANI KUMAR ARORA [2017 (11) TMI 456 - ITAT DELHI] AND ASHOK KUMAR ARORA VERSUS ACIT [2017 (11) TMI 513 - ITAT DELHI] - Decided in favour of assessee.
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