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2019 (6) TMI 756 - HC - Income TaxPenalty u/s 271AAA(2) - alleged that the assessee neither specified the manner of undisclosed income nor substantiated the manner in which the income was derived - assessee is not subjected to the question by the manner of earning and substantiating thereon, then and the AO did not raise such query at the time recording his statement u/s 132(4) - HELD THAT:- Clause 2 of Section 271AAA makes it very clear that if the three conditions stipulated therein are fulfilled then nothing contained in sub-section (1) would apply. We take notice of the fact that the CIT appeals as well as the Appellate Tribunal has recorded the concurrent findings that all the three conditions as stipulated in sub-section (2) of Section 271AAA are fulfilled. Having heard Ms. Kalpanak Raval, the learned senior standing counsel appearing for the Revenue and having gone through the materials on record, we are of the view that the issue is squarely covered by the decision of this Court in the case of Mahendra C. Shah [2008 (2) TMI 32 - GUJARAT HIGH COURT]. In such circumstances referred to above, this appeal fails and is hereby dismissed. - Decided in favour of assessee.
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