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2016 (5) TMI 1547 - ITAT DELHIPenalty u/s 271AAA - disclosure of undisclosed income earned during the financial year 2009-10 during the course of search and post-search proceedings on the basis of the seized material found during the course of search - CIT-A deleted the penalty - HELD THAT:- After going through the order passed by the learned Commissioner of Income-tax (Appeals) on the issue in dispute as well as the orders of the Tribunal relied upon by the learned Commissioner of Income-tax (Appeals) while deleting the penalty in dispute, we are of the view that the learned first appellate authority has passed a well reasoned order which does not need any interference on our part. Therefore, respectfully following the precedents of the Income-tax Appellate Tribunal as mentioned in the learned Commissioner of Income-tax (Appeals)'s order, we uphold the order of the learned Commissioner of Income-tax (Appeals) wherein the learned Commissioner of Income-tax (Appeals) has deleted the penalty in dispute and accordingly, we dismiss the appeal of the Revenue.
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