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2019 (10) TMI 1373 - AT - Income TaxLevying penalty u/s 271AAA - manner of earning undisclosed income was not substantiated - HELD THAT:- The contention raised by the ld. DR for the Revenue that the payment of taxes and interest alleged to have been paid by the assessee within due date need to be verified by the AO is not sustainable on the face of the fact that from the return of income along with computation of income, available at pages 1 to 11 of the paper book, it is duly proved that the return has been received and perused under Rules and there is a refund of ₹ 4,92,030/- due to the assessee. We are of the considered view that penalty levied in this case is not sustainable, hence ordered to be deleted. However, in case, Revenue finds that the assessee has not deposited the taxes along with interest due well within time then Revenue has liberty to file the application as per law to seek necessary relief. Consequently, appeal filed by the assessee is allowed.
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