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Assessee has raised ground of appealthat as the Learned AO has not initiated penalty u/s 271AAB on income shown suo-motto at Rs. 5,20,000/- therefore penalty on it amounting to Rs. 1,56,000/- being unsustainable needs deletion.

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Sec. 271AAB of Income Tax Act, 1961— Penalty — None of the conditions for levy of penalty at the lower rate of 10%, under clause (a) of Section 271AAB (1), are satisfied, accordingly, it is held that penalty is leviable at 30% under clause (a) of Section 271AAB(1) - - PAWAN MUNDRA V/s DEPUTY CIT - [2020] 27 ITCD Online 053 (ITAT-JAIPUR)