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2016 (7) TMI 506 - ITAT DELHIPenalty U/s. 271AAA - undisclosed income surrendered by the assesssee during the course of search - Held that:- Finding considerable cogency in the assessee’s counsel contention that during the search, cash of ₹ 35,00,000/- was seized from the locker of the assessee which was surrendered as income for the current financial year 2008-09 as income earned from advance received against sale of property. The assessee declared this sum as undisclosed income in the return filed for assessment year 2009-10 which was accepted by the AO while passing the order and returned income is accepted as it is which means that AO is satisfied about the manner and its substantiation during assessment and hence assessee should not be charged penalty u/s. 271AAA of the I.T. Act. As the assessee filed his income tax return for the assessment year 2009-10 within the time stipulated under section 139 and has disclosed therein all the income earned by him during the previous year 2008-09, therefore, there is no question of penalizing the assessee under section 271AAA of the Income Tax Act, 1961 for non disclosure of income. Hence, the penalty levied by the AO and affirmed by the ld. CIT(A) is not sustainable in the eyes of law. Therefore, penalty deleted. - Decided in favour of assessee
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