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2018 (2) TMI 1341 - AT - Income TaxLevy of penalty u/s. 271AAA - income disclosed u/s. 132(4) - undisclosed income - Held that:- It is not necessary to substantiate manner in which income was derived by assessee from undisclosed source in the given facts & circumstances. It is because no prescribed method to find the manner in such income was generated has been prescribed under the statute. Therefore, respectfully following the same, we hold that the penalty levied by AO and upheld by CIT(A) is not sustainable. We are of the view that the penalty u/s 271AAA of the Act is not leviable on the facts of the present case as the assessee’s case falls under the sub-clause (2) of Section 271AA of the Act. Accordingly, we cancel the levy of penalty - Decided in favour of assessee.
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