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2020 (3) TMI 334 - AT - Income TaxPenalty u/s 271AAA - income declared which was offered by the assessee in his return of income - HELD THAT:- A careful perusal of the order u/s 271AAA of the Act would show that the Assessing Officer has considered the amount of ₹ 2.44 crores, over and above the surrendered amount, and has computed the penalty accordingly. Since the issue relating to the sum of ₹ 2.44 crores is now well settled in favour of the assessee, in our considered opinion, the AO should now consider the amount of ₹ 4 crores which was offered u/s 132(4) of the Act and honoured in the return of income for levy of penalty u/s 271AAA. We, accordingly, restore this issue to the file of the Assessing Officer. AO is directed to consider the levy of penalty u/s 271AAA on the sum of ₹ 4 crores as per the provisions of law keeping in mind that the said sum was offered for taxation in the statement made u/s 132(4) of the Act and honoured in the return of income. Needless to mention, the Assessing Officer shall give reasonable and sufficient opportunity of being heard to the assessee. Appeal of the assessee is treated as allowed for statistical purposes.
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