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2021 (2) TMI 784 - ITAT DELHIValidity of proceeding u/s 158BC - block assessment order - exemption u/s 10 denied - AO determined the undisclosed income of the assessee for the block period treating the sales declared by the assessee from agricultural operations to be the unaccounted income - action of Ld. AO in treating the amount as non agricultural income and has further holding that joint venture agreement entered by the appellant are nothing but a device to channelise the income in the form of agriculture income - HELD THAT:- Undisclosed income so determined by the AO was already disclosed by the assessee in his regular returns - As the amounts were already disclosed in the regular assessment of the assessee from A.Y. 1996-97 to 2002-03, therefore, respectfully following the decisions, PINAKI MISRA & SANGEETA MISRA [2017 (3) TMI 276 - DELHI HIGH COURT] , M/S. PROMAIN LIMITED[2017 (12) TMI 920 - ITAT DELHI],N. LEELA KUMAR [2013 (11) TMI 1776 - KARNATAKA HIGH COURT],ANAND PRAKASH AGRAWAL [2014 (5) TMI 1005 - ALLAHABAD HIGH COURT],SMT. MUKTABEN J. PATIRA [2014 (11) TMI 803 - GUJARAT HIGH COURT] ,CALTRADECO STEEL SALES (P.) LTD. [1999 (8) TMI 18 - CALCUTTA HIGH COURT]we are of the considered opinion that the amounts already disclosed in such regular assessments are outside the purview of the definition of undisclosed income. The AO, in our opinion, has no jurisdiction to make the aforesaid additions u/s 158BC - Decided in favour of assessee. Penalty u/s 158BFA(2) being 100% of the tax leviable on the undisclosed income determined - HELD THAT:- As already decided the appeal filed by the assessee for the block period and the undisclosed income made by the AO and sustained by the CIT(A) has been deleted. Therefore, the very basis on which penalty was levied does not survive. Accordingly, the grounds raised by the assessee are allowed.
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