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2015 (8) TMI 874 - AT - Income TaxPenalty under section 271AAA - CIT(A) deleting the penalty noted that the disclosure of undisclosed income of ₹ 1 crore made was covered under the definition of "undisclosed income" as per Explanation (a) to section 271AAA of the Act - Held that:- Ld. CIT(A) with respect to the satisfaction of the requirement of clause (i) of sub section 2 to section 271AAA has given a finding that Shri Dipesh shah, the brother of the assessee, in the statement recorded under section 132(4), had in reply to question number 34, while disclosing ₹ 1 crore for the assessee, had mentioned that it was declared on account of current year income which implied that the income is from business. With respect to the fulfilling the requirement of clause (ii) of sub section 2 to section 271AAA, Ld. CIT(A) has noted that the same was also satisfied as during the course of search the authorized officer did not ask any specific question on substantiating the manner in which income was derived, but however the assessee had clearly mentioned in the statement recorded under section 132(4) that the undisclosed income was current year's business income. Ld. CIT(A) has also noted that clause (iii) of subsection 2 of section 271AAA was also satisfied by the assessee as the assessee had paid the tax along with interest. Ld. CIT(A) has thus given a finding that that the 3 conditions specified under section 271AAA were satisfied by the assessee in the light of decisions of Hon’ble Gujarat High Court and Allahabad High Court CIT v. Radha Krishna Goel [2005 (4) TMI 47 - ALLAHABAD High Court] and therefore no penalty was leviable. Before us, Revenue has not brought any material on record to controvert the findings of ld. CIT(A) nor has placed on record any contrary binding decision. In view of the aforesaid facts, we find no reason to interfere with the order of ld. CIT(A) and thus the ground of Revenue is dismissed. - Decided in favour of assessee.
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