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2023 (4) TMI 741 - AT - Income TaxPenalty u/s 271(l)(c) - AO completed the assessment u/s 143(3) r.w.s. 153A accepting the income declared by the assessee - CIT-A deleted the penalty - HELD THAT:- Additional income offered by the assessee in the return filed in compliance to the notice u/s 153A of the Act which partakes the character of regular income filed u/s 139 of the Act and the said additional income being not offered on the basis of any incriminating material but is the voluntary disclosure made by the assessee and there being no other legal binding precedence referred to by ld. D/R, we fail to find any infirmity in the finding of ld. CIT(A) deleting the penalty levied u/s 271(1)(c) Penalty levied u/s 271AAB(1)(a) - CIT(A) deleted the impugned penalty adopting the same analogy that no incriminating material was found during the course of search - HELD THAT:- We are inclined to hold that in the absence of incriminating material found during the course of search and the income surrendered by the assessee is voluntary in nature not having any nexus to any incriminating material found during the course of search and ld. AO has accepted the returned income filed by the assessee, therefore as relying on case Marvel Associates [2018 (3) TMI 946 - ITAT VISAKHAPATNAM] and Mothukuri Somabrahmam [2018 (3) TMI 947 - ITAT VISAKHAPATNAM] we fail to find any infirmity in the finding of ld. CIT(A) deleting the penalty levied u/s 271AAB(1)(a). Revenue appeal dismissed.
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