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2024 (1) TMI 597 - ITAT NAGPURPenalty u/s. 271AAB - undisclosed income representing their tuition fee in various educational institutions - HELD THAT:- As come on record that this is indeed an instance of both these assessees’ having derived their undisclosed income in above terms u/sec. 271AAB Explanation-(c) (i)(A) of the Act representing their tuition fee in various educational institutions. And also that the department had come across the corresponding seized material during the course of search herein dated 05.08.2015 which made these assessees’ to admit additional income of Rs. 41 lakhs ÷ 2 coming to Rs. 20.50 lakhs each which stood declared in their respective returns. The assessees’ sole substantive grievance appears to be that the AO’s corresponding show cause notices dated 29.12.2017 (supra) had not been validly issued. We find no merit in the assessees’ stand once it has come on record that the impugned penalty has been levied @ 10% since falling in the first and foremost limb u/sec. 271AAB(1)(a)(i) to (iii) of the Act in the specified circumstances. Their identical contention therefore, that the AO ought to have specified corresponding limb(s) to this effect fails to cut any ice before us. Faced with the situation and primarily for the reason that these assessees’ have been found to have derived their undisclosed income as per the seized incriminating material followed by their search admission(s), we find no reason to interfere with the learned lower authorities action invoking sec. 271AAB penalties in their respective cases. These assessees’ fail in their respective grounds therefore.
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