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2019 (11) TMI 79 - AT - Income TaxLevying of penalty u/s. 271AAB - voluntary disclosure of Income by assessee - HELD THAT:- AO has not specified any document assets and entry during the course of search which indicate that assessee’s additional undisclosed income, represents any money, bullion, jewellery or valuable article or any entry in the books or other documents therein. The assessee has made disclosure of ₹ 10.51 crore on account of the fact that certain income out of the real estate development and land related activities pertaining to F.Y. 2012-13 and F.Y. 2013-14 which were not recorded in the books of account as per statement u/s. 132(4) dated 30.08.2013 - there was no pin pointed question posed by the search team in regard to incriminating material/documents related to such undisclosed income. CIT(A) has confirmed the penalty u/s. 271AAB on the assumption bases by stating that admitted undisclosed income may be directly related to entries in loose papers and transactions not recorded in the books of accounts found subsequently during the course of search on 28.10.2013. Lower authorities have failed to establish that assessee has disclosed the income with reference to any specific loose papers/asset etc. AO has failed to substantiate that the disclosure made by the assessee u/s. 132(4) was on the basis of incriminating material. In the case of ACIT Sri Kanwar Sain Gupta [2018 (6) TMI 1559 - ITAT KOLKATA] has held that the statement of the assessee without any corroborating evidence cannot be the only basis for levying penalty. - Decided in favour of assessee.
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