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2016 (8) TMI 207 - AT - Income TaxPenalty u/s. 271AAA - failure to explain the manner in which undisclosed income is derived as required u/s. 271AAA(2)(ii) - CIT(A) deleted the penalty - Held that:- If we examine the answer of the questions of specifying the manner in which the income has been derived, the answer is yes. No question was posed by authorised officer while recording the statement of Subash Vincent u/s132(4) in respect income of ₹ 1.33Crore (approx) . Thus the alleged failure on the part of the assessee to specify and substantiate in respect of undisclosed income of ₹ 1.33 Crore(approx) , was due to the reason that no such question was posed to Subash Vincent. So it was not expected from the person who has once voluntarily offered the income and substantiated part of it, so far as confronted to him and remaining was neither pose to him nor he voluntarily substantiated. The argument of AR of assessee that the amount surrendered has been accepted suo-moto by the Revenue itself leads to the irrefutable conclusion that the question of specifying and substantiating the manner in which it has earned has been answered to the satisfaction of the authorised person as well as assessing officer. Moreover it needs to be understood that in absence of any specific procedure prescribed in the Act, for specifying and substantiating the undisclosed income, the fact that the same has been accepted without any variation by the AO is by itself enough evidence of the said criteria is having been met and satisfied. And this of our view is duly supported with the decision of Delhi tribunal in Ritu Singhal case (2015 (3) TMI 310 - ITAT DELHI ) - Decided in favour of assessee
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