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2016 (7) TMI 1038 - AT - Income TaxPenalty under section 271AAA - CIT(A) deleted the penalty levy - Held that:- The Revenue strongly argues that the CIT(A) admitted additional evidence in course of the lower appellate proceedings. No such case is being made out after perusing the lower appellate order. This plea is accordingly rejected. The Revenue’s next argument seeks to revive the impugned section 271AAA penalty by drawing support from penalty order but it however fails to place any material on record rebutting the above extracted finding that assessee’s partner Shri Rajeevbhai Patel had made the disclosing in question on the basis of documents seized, he gave project wise break up in order to account for the above undisclosed income in the form of receivables from customers. This was followed by assessment of the above stated undisclosed income and payment of taxes. It has come on record that the Revenue authorities did not even make a suggestion during search doubting veracity of the assessee’s disclosure. We are of the opinion in these facts and circumstances that the CIT(A) has rightly held the assessee to have satisfied all the three necessary three conditions for claiming section 271AAA(2) immunity i.e. it admitted undisclosed income of ₹ 1.15 crores, specified manner of having derived the same followed by substantiation thereof and paid taxes thereupon - Decided against revenue
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