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2023 (5) TMI 314 - AT - Income TaxPenalty u/s 271AAB(1A) - amount disclosed by the appellant during the search - HELD THAT:- Once the income was found to be ‘undisclosed income’ within the meaning of clause (c) of the Explanation, then the AO is required to impose penalty as provided under section 271AAB(1)(a) of the Act. In the present case, the search and seizure action was carried out in the premises of group of M/s. Moksha Infracon Pvt. Ltd and M/s. Kaveri Erstwhile M/s. K V R Rail Infra Projects Pvt. Ltd on 09.08.2019 and notice u/s 153A was issued and in response to the notice, the assessee had admitted an income AO had mentioned that the assessee in the sworn statement had admitted an amount of Rs.1 crore as undisclosed income for various assessment years and the above said aspect was accepted by the assessee in the affidavit filed on 27.08.2019. The above said fact of admitting the undisclosed income of various assessment years was not a stand alone admission of income but the admission of income was supported by the loose sheets etc., which were found during the course of search. Admittedly, once the document which has the characteristics of ‘undisclosed income’ found and recovered during the course of search and based on such document, the assessee made the declaration and thereafter, filed return of income, then in that eventuality, in our view, the said income would partake the characteristics of ‘undisclosed income’. Hence, the action on the part of the Assessing Officer imposing penalty under section 271AAB(1A) and thereafter, confirming by the ld.CIT(A) cannot be faulted with. Accordingly, the appeal of the assessee is dismissed.
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