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2019 (1) TMI 684 - AT - Income TaxPenalty levied u/s 271AAA - surrender of ₹ 8,00,00,000/- being difference in valuation of stock - Held that:- The assessee surrendered ₹ 8 Cr as business income as is evident from the extract of statement dt. 22/12/2010. The surrendered amount was declared in the return of income u/s 153A as business income. The Assessing Officer accepted the surrendered amount as business income as declared by the assessee in the return of income and levied the income tax on it accordingly. He accepted the manner in which this additional income of ₹ 8 crore was derived as explained during the search and did not raise any objection. These facts clearly mentioned in the Assessment Order as well as in the order of the CIT(A) and are not disputed by the DR. After the surrender, the statement was closed without any further query. The CIT(A) has given a detailed findings in the order. As regards the SSA International Ltd. (2018 (6) TMI 65 - ITAT DELHI) during the search proceedings, assessee therein expressed his inability to explain the discrepancy in the stock whereas the assessee has explained the documents found during the search. As regards the other case laws referred by the Ld. DR , the facts are distinguishable as the conditions prescribed in Section 271 AAA was not fulfilled by the assessees’ therein whereas the assessee in the present case explained all the relevant documents and the Assessing Officer accepted the explanation given by the assessee. - decided against revenue
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