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2017 (6) TMI 726 - ITAT RAJKOTPenalty u/s. 271AAA - assessee did not specify the manner in which the income has been derived and has also failed to pay tax - Held that:- The first two conditions have been fully discharged and the third condition was also fulfilled by paying the taxes along with interest in installments. The assessee had requested for the adjustment of cash seized of ₹ 45 lacs towards payment of tax liability. Also there is no time limit prescribed for the payment of the interest. Considering the fact that the assessee has in fact paid all the tax as per the chart exhibited elsewhere, in our considered opinion, the assessee has fulfilled the third condition also. We, therefore, do not find any merit in the levy of penalty. We, accordingly set aside the findings of the ld. CIT(A) and direct the A.O. to delete the penalty - Decided in favour of assessee.
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