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2019 (1) TMI 538 - AT - Income TaxPenalty u/s 271AAA - on-money was received for sale of land at Gatrad which was not accounted in the books - assessee has paid taxes along with interest on this undisclosed income admitted during the course of search - whether the assessee has disclosed manner and substantiate that manner? - Held that:- A perusal of the record would indicate that the ld.CIT(A) has recorded a finding that search party did not ask particular question from the assessee in whose reply he could demonstrate manner of earning the income; neither in the assessment proceedings AO has asked the manner of earning of income from the assessee. However, the assessee himself has disclosed during the course of search that this was on-money received on sale of Gatrad land. Thus, the assessee has disclosed manner and also fulfilled conditions no.2. CIT(A) has rightly appreciated this aspect and has rightly deleted the penalty. - Decided in favour of assessee.
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