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Assessee has raised the ground that on the facts and in the circumstances of thecaseand in law, the Ld. CIT(A) erred in maintaining the levy of penalty under section 271AAA of the Act without properly appreciating the facts of thecaseand submissions made before him even when the additional income was declared in the statement as recorded under section 132(4) of the Act and tax due on the additional income was also paid by the appellant. Rs. 6,25,000/-

Sec. 271AAA of Income Tax Act, 1961— Penalty —Assessing officer cannot be sustained in view of the binding precedence coupled with the facts that the notice initiating penalty u/s 271AAA is not in accordance with law, moreover, the Assessing Officer has not confronted the assessee to substantiate the manner in which the additional income was earned in the absence of such query and it cannot be inferred that the assessee failed to substantiate the manner which additional income was earned, therefore, the Assessing Officer was directed to delete the penalty. - DIPAK KUMAR KALANI V/s JT. CIT - [2020] 28 ITCD Online 070 (ITAT-INDORE)