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2017 (7) TMI 567 - AT - Income TaxLevy of penalty u/s 271AAA - surrender of income at the time of search - Held that:- Considering the facts of the case and in the light of the order of the ITAT Chandigarh in the case of DCIT Vs. Sh. Sanjeev Goyal (2015 (11) TMI 1618 - ITAT CHANDIGARH) it is clear that assessee has made surrender of income at the time of search and in the joint surrender of four persons it was explained the amount of the undisclosed income earned was from these food processing business, property business, consultancy and liaisoning income, the details of the same were filed. The undisclosed income was declared in the return of income and tax has been paid which is accepted by the Revenue Department. The issue is, therefore, covered in favour of the assessee by the order of the ITAT, Chandigarh Bench in the case of DCIT Vs. Sanjeev Goyal (supra). Following this order, we set aside the order of the authorities below and cancel the penalty. Appeal of the assessee is allowed.
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