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2020 (9) TMI 144 - AT - Income TaxLevy of penalty u/s 271AAA - Defective notice - income voluntarily disclosed income u/s 132(4) - tax due on the additional income was also paid by the appellant - HELD THAT:- Finding of the assessing officer cannot be sustained in view of the binding precedence coupled with the facts that the notice initiating penalty u/s 271AAA is not in accordance with law. Moreover, the Assessing Officer has not confronted the assessee to substantiate the manner in which the additional income was earned in the absence of such query. It cannot be inferred that the assessee failed to substantiate the manner which additional income was earned. We, therefore, direct the Assessing Officer to delete the penalty. - Decided in favour of assessee.
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