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2019 (5) TMI 1262 - AT - Income TaxLevy of penalty u/s 271AAB - additional income declared in pursuance of search - HELD THAT:- In the instant case, in the absence of any incriminating documents, no corroboration of income declared under s.132(4) per se is available. Thus, such additional income on the basis of standalone statement under s.132(4) of the Act would not fall within the sweep of expression ‘undisclosed income’ contemplated for the purposes of section 271AAB of the Act as held by the Coordinate Bench in group cases. In parity with the decision rendered in the group cases in identical set of facts, we are disposed to hold in favour of the assessee. The appellate order passed by the CIT(A) is accordingly set aside and the Assessing Officer is directed to delete the penalty so imposed u/s.271AAB - Decided in favour of assessee.
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