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2021 (10) TMI 274 - AT - Income TaxPenalty levied u/s. 271(1)(c) - Suo-moto declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and Asset and Imposition of Tax Act, 2015) in Form No. 6 filed by the assessee - HELD THAT:- The above referred declaration was accepted by the Commissioner of Income Tax and same was not declared invalid by the Commissioner of Income Tax. The valid declaration is not again prone to penalty under the Income Tact Act. Neither the Assessing Officer nor the ld. CIT(A) has considered the material facts that assessee has availed the one time compliance as laid down in section 59 to 72 of the Act and paid the tax @ 30% along with equal amount by way of penalty. The Commissioner of Income Tax has not declared the declaration filed in Form No. 6 by the assessee as invalid - as noticed neither in assessment order nor in appellate order any discussion was made by authorities below about the declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and Asset and Imposition of Tax Act, 2015) in Form No. 6 filed by the assessee on 29-09-2015. The Commissioner of Income Tax has acknowledged as per Form 7 dated 30-12-2015 that declaration accepted and assessee has made compliance with the payment of taxes including penalty under the scheme. Assessing Officer did not apply his mind. The ld. CIT(A) has unreasonably sustained the impugned penalty levied u/s. 271(1)(c) of the Act. Therefore, the decision of ld. CIT(A) is unjustified and impugned penalty is deleted.
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