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2017 (8) TMI 1291 - AT - Income TaxPenalty u/s 271AAA - income was duly included into the return filed in pursuance to the notice issued U/s 153A - statement U/s 132 of the Act admitted undisclosed income - Held that:- the assessee in his statement U/s 132 of the Act admitted undisclosed income and specified the manner in which such income was derived, which is evident from the reply to question No. 16 recorded during the course of search. The revenue has not disputed the fact that the assessee had paid tax together with the interest if any in respect of the undisclosed income, therefore, out of the three conditions for immunity against the penalty under sub-section (i) of Section 271AAA of the Act are duly specified in the present case. As in answer to question No. 16 of the sworn statement recorded on oath u/s 132(4) of the Act has clearly specified the manner of deriving undisclosed income. Therefore, when assessee has complied with Sub section (2) of section 271 AAA of the Act, AO’s action cannot be justified and sustained. In the present case, he has sustained the penalty on the ground that the assessee has failed to substantiate the manner in which the undisclosed income was derived. The facts are identical and arise from the same search, therefore, the finding of the ld. CIT(A) is contradictory. Under these facts and circumstances, we restore this appeal to the file of the ld. CIT(A) for decision afresh.
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