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2019 (6) TMI 287 - AT - Income TaxPenalty u/s 271AAB - search and seizure operation u/s 132(1) conducted and unaccounted cash was found in the office premises and the entire cash was seized - notice u/s 153A was issued and in response to which the assessee filed return of income declaring total income - HELD THAT:- There is no dispute in owning the cash seized during the course of search and seizure operation as undisclosed income of the assessee which is out of his professional income. There is no dispute that the assessee offering the same for taxation. There is no dispute in respect of payment of tax together with interest in respect of undisclosed income. There is no dispute in respect of filing of return of income to the specified previous year declaring such undisclosed income. Therefore, in our opinion the facts and circumstances in the present case fulfils the conditions as contemplated clause (a) in sub-section (1) of section 271AAB to impose penalty. Therefore, we find no infirmity in the order of CIT(A) and confirming the penalty imposed by the AO u/s 271AAB(i)(a). Further as per finding of Hon’ble Court of Allahabad in the case of Sandeep Chandak [2017 (12) TMI 70 - ALLAHABAD HIGH COURT] that the provisions of Section 271AAB automatically attracts and the proceedings are to be carried out/completed where a search and seizure operation is carried out in which the assessee have surrendered the amount u/s 132(4) statement of undisclosed income, specify the manner in which this income was derived, filed return of income, admit the same and had paid taxes and interest on the same, we find no infirmity in the order of CIT(A) and it is justified. Thus, ground no-1 raised by the assessee is dismissed.
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