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2019 (8) TMI 155 - AT - Income TaxPenalty u/s 271AAB - proof of undisclosed income of the assessee - HELD THAT:- CIT(A) while adjudicating the appeal had failed to deal with the contention of the assessee that no penalty u/s 271AAB of the Act was leviable since there was no undisclosed income of the assessee as defined in the section. CIT(A) we find ,despite specific arguments/contention made by the assessee that no penalty was leviable, has restricted his decision to that the assessee has been unable to make out a case of levy of penalty @ 10%/20% as per clause (a)/(b) of section 271AAB(1) of the Act. Assessee has also drawn our attention to various decisions of the ITAT holding that penalty u/s 271AAB is not automatic and there has to be undisclosed income as defined under the section for the levy of penalty. We therefore consider it fit to restore the issue back to the Ld.CIT(A) to adjudicate the matter afresh in accordance with law ,after considering all the submissions of the assessee. CIT(A) is directed to pass a speaking order, after considering all necessary facts relevant to the issue, i.e. the surrender letter of the assessee ,the statement recorded during search u/s 132(4) making the surrender and any other relevant material/facts, for deciding the issue. Needless to add the assessee be granted proper opportunity of hearing. Appeal of the assessee is therefore allowed for statistical purposes. - Assessee's appeal allowed for statistical purposes.
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