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2018 (10) TMI 1117 - AT - Income TaxPenalty levied u/s 271AAA - basic requirement of the section 271AAA is not fulfilled i.e. the assessee failed to elaborate the manner in which the undisclosed income was derived - diversified views - Held that:- It is the settled position of law that when two views are possible on an issue the view which is favourable to the assessee has to be accepted in view of the decision of Hon'ble Supreme Court in the case of Vegetable Products Ltd.[1973 (1) TMI 1 - SUPREME COURT]. Since the assessee in the instant case has surrendered additional income and paid the taxes due thereon and no specific query was raised by the search party at the time of search to substantiate the manner of earning such income, therefore, following the decision of PR. COMMISSIONER OF INCOME TAX SURAT 2 VERSUS M/S SHAHLON SILK MILLS PVT LTD. [2018 (2) TMI 1287 - GUJARAT HIGH COURT] and various other decisions relied on by the CIT(A), we are of the considered opinion that the penalty u/s 271AAA is not leviable in the instant case. The order of the ld. CIT(A) is accordingly upheld and the grounds raised by the Revenue are dismissed.
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