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2017 (2) TMI 110 - AT - Income TaxPenalty u/s. 271AAA - Held that:- We find that the assessee-company has paid taxes together with interest in respect of the undisclosed income declared in the statement recorded u/s 132(4) of the Act. As narrated in para 6.2 here-in-above, it has provided information regarding the manner in which the undisclosed income was derived. Therefore, the order of the Ld. CIT(A) upholding the penalty imposed by the AO u/s 271AAA is cancelled. - Decided in favour of assessee
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