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2017 (4) TMI 355 - AT - Income TaxPenalty u/s 271AAA - assessment pursuant to search - Held that:- We find that during the course of search the assessee has duly disclosed the undisclosed income. The nature thereof has been duly exhibited as mentioned above. No further query whatsoever has been asked by the Revenue regarding further clarifying the manner of earning of income or substantiating the source thereof. Where the assessee was not asked about the manner in which the income was earned and when he was not asked to substantiate the manner in which undisclosed income was arrived, penal provisions of section 271AAA are not attracted. We find that the case of present assessee is even on a better footing as the detail of undisclosed income has been duly specified with the nature and amount thereof. No further question regarding the manner in which income was earned and no question was asked to further substantiate the manner in which the undisclosed income was arrived at. Thus we hold that the assessee in this case cannot be held liable for penalty u/s 271AAA. Accordingly we set side the orders of the authorities below and delete the penalty. See Neerat Singal vs. ACIT [2013 (6) TMI 762 - ITAT DELHI] - Decided in favour of assessee.
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