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2014 (6) TMI 1019 - AT - Income TaxLevy of penalty u/s 271AAB - undisclosed income surrendered during the search - non specifying the manner in which such undisclosed income has been derived and substantiates the manner in which the undisclosed income was derived - Held that:- Penalty is in respect of surrendered amount which was made during the search when the statement of the father of the assessee was recorded u/s 132(4) of the Act which was later on rectified by the assessee in his statement recorded u/s 131 of the Act, subsequently, in post search investigations. On identical facts and circumstances of the case this Bench has also rendered similar decisions. Under identical facts and circumstances we have taken similar view in many cases including the recent case of DCIT Vs. Shri Babulal Motavat [2014 (5) TMI 1179 - ITAT JODHPUR] there is no prescribed method to indicate the manner in which income was generated when the definition of ‘undisclosed income’ has been defined in the Act itself when no income of the specified previous year represented “either wholly or partly’ which onus lay upon the assessee stood discharged. Therefore, levy of penalty u/s 271AAA could not be imposed - Decided in favour of assessee.
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