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2016 (7) TMI 457 - AT - Income TaxNon-levy of Penalty u/s 271AAA - revision u/s 263 - Held that:- In support of claim the assessee has produced the ledger copy of the party where we find that all the transactions were routed through banking channel. After considering the submissions of the both parties and facts of the facts we find that assessee has duly substantiate the manner in which the undisclosed income was derived. We also find the AO being quasi judicial authority has not initiated the penalty proceedings in the assessment order is his jurisdictional authority. The ld. CIT cannot just substitute the authority of the AO with his opinion. Thus assessee is very much entitled for impounded from the penalty proceedings as specified u/s. 271AAA of the Act sub clause (2) of the Act. Therefore in our considered view, we find the impugned revision order unsustainable in law, and we, therefore, cancel the same. - Decided in favour of assessee
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