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2019 (7) TMI 1052 - HC - Income TaxPenalty u/s 271AAA - assessee failed to substantiate the manner in which undisclosed income was derived - Tribunal deleted the addition - HELD THAT:- The findings of fact recorded by the two revenue authorities is that the assessee offered the total unaccounted income of ₹ 9.29 Crores for the assessment year 2011-12 in his statement recorded during the search and seizure operation u/s. 132(4) of the Act. The Tribunal, by placing reliance on the decision of this Court in the case of CIT vs. Mahendra C. Shah [2008 (2) TMI 32 - GUJARAT HIGH COURT] took the view that the Assessing Officer is obliged to specifically ask the assessee to explain the manner in which the undisclosed income had been derived and the failure on the part of the Assessing Officer in not inquiring specifically should not go against the assessee and the assessee should not be penalised. The Revenue took notice of the statement of Shri Prajapati, a Director of the company, recorded under Section 132(4) of the Act during the search and seizure. In such statement, no such question had been asked to the assessee. We are convinced with the findings recorded by the Tribunal. In our opinion, there is no substantial question of law involved in the present appeal.
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