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2015 (8) TMI 1388 - ITAT MUMBAIPenalty proceedings u/s 271AAA - assessee has not specified the manner and also could not substantiate the manner in which the undisclosed income was derived - Held that:- It is an undisputed fact that the assessee has disclosed the amount of ₹ 3,85,00,000/- under the head “business income”, i.e. income derived from business of real estate and other business activities, which has been assessed as such by the Assessing Officer. If that is so, then it can be taken as implied substantiation of the manner of deriving of the income, which stands accepted by the Assessing Officer in the assessment proceedings. Assessing Officer cannot turn around and say that the manner of deriving of income has not been substantiated. Regarding payment of taxed on such income there is no dispute. if that is so, then it can be taken as implied specification of the manner of earning of income and also the substantiation of the same. This offer of business income has been accepted by the Assessing Officer also. At the stage of recording of statement u/s 132(4) and assessment stage, nowhere the revenue officials have held that it is not from business income or not derived from business. Hence, it cannot be held that the assessee is liable for penalty u/s 271AAA on the facts of the present case - Decided in favour of assessee.
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