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2019 (3) TMI 86 - AT - Income TaxPenalty u/s 271(AAA) - no surrender by the assessee and the seized cash was included in the computation of income and offered for tax which was duly accepted by the AO - HELD THAT:- In this case the assessee had surrendered a certain amount as undisclosed income in the statement recorded during the search proceedings and had, thereafter, not substantiated the manner in which the undisclosed income was earned. In the present case, there was no surrender by the assessee and the seized cash was included in the computation of income and offered for tax which was duly accepted by the AO without any further query. We also note that this case is covered in favour of the assessee by an order of the coordinate Bench of this Tribunal in the case of Mahavir Prasad Jaipuria vs. ACIT [2017 (10) TMI 875 - ITAT DELHI) wherein held that where the AO had accepted the assessee’s surrender without any questions being asked, no penalty u/s 271AAA was leviable. Therefore, on the same analogy, we do not find this case a fit case for imposition of penalty. - Decided in favour of assessee.
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