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2014 (11) TMI 974 - ITAT CHANDIGARHPenalty u/s 271AAA - Held that:- As relying on case of CIT v. Mahendra C. Shah [2008 (2) TMI 32 - GUJARAT HIGH COURT] it becomes clear that if no question is asked during the statement recorded under section 132(4) the assessee cannot be expected to further substantiate the manner of earning of income. Since taxes have already been paid, therefore in our opinion, penalty could not have been levied. Accordingly we set aside the order of the learned Commissioner of Income-tax (Appeals) and delete the penalty. - Decided in favour of assesse.
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