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2018 (12) TMI 1513 - AT - Income TaxPenalty u/s 271AAB (1)(a) - whether the authorized officer had found any specified asset i.e. any money, bullion, jewellery or other valuable article or things as per explanation (c) forming of sec. 271AAB? - Held that:- There is no such material indicated during the course of hearing. We find that co-ordinate bench’s order in ACIT vs. Sri Kanwar Sain Gupta [2018 (6) TMI 1559 - ITAT KOLKATA] declines Revenue’s identical arguments as held section 271AAB of the Act applies in relation to the impugned penalty @ 10% of the undisclosed income as stood defined in Explanation (c) thereto. There is no material in the case file to indicate that the assessee's undisclosed income represents any money, bullion, jewellery or valuable article or any entry in the books or other documents therein. We make it clear that we are dealing with a penalty provision in tax statute which is to be strictly interpreted. We therefore are of the opinion that the CIT(A) has rightly deleted the impugned penalty as the assessee's search statement nowhere indicated the corresponding undisclosed income as per specific requirement in the Act. - Decided in favour of assessee.
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