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2019 (2) TMI 736 - HC - Income TaxPenalty u/s 271AAA - recording the statement of the assessee under section 132(4) - Held that:- Revenue failed to question the assessee while recording his statement under section 132 (4) as regards the manner of deriving such income, the Revenue cannot jump to the consequential or later requirement of substantiating the manner of deriving the income. In the context of the requirement of the assessee specifying the manner of deriving the income the decision of this Court in case of CIT vs. Mahendra C.Shah (2008 (2) TMI 32 - GUJARAT HIGH COURT) would hold the field even in the context of subsection (2) of section 271AAA. It is only when the officer of the raiding party recording the statement of the assessee under section 132(4) of the Act elicits a response from the assessee's this requirement, the assessee's responsibility to substantiate the manner of deriving such income would commence. When the base requirement itself fails, the question of denying the benefit of no penalty would not arise.
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