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TMI Blog2017 (10) TMI 1415X X X X Extracts X X X X X X X X Extracts X X X X ..... income in the course of search filed return wherein the said amount was duly disclosed and the taxes were paid accordingly. Facts of the cases on hand being similar, the principle laid down in the decisions relied is applicable and while respectfully following the same, we hold the penalty in this matter u/s 271AAA of the Act cannot be sustained. We, therefore, direct the AO to delete the penalty. See COMMISSIONER OF INCOME TAX VERSUS SUDHIR JAIN [2013 (12) TMI 484 - DELHI HIGH COURT], NEERAJ SINGAL VERSUS ACIT, CENTRAL CIRCLE-13, NEW DELHI [2015 (3) TMI 680 - ITAT DELHI],SRI PRAMOD KUMAR JAIN & OTHERS VERSUS DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 2(1), SAMBALPUR. [2012 (12) TMI 629 - ITAT CUTTACK] - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... g the search but as a matter of fact though there was no need of surrender of income, they disclosed the income only to buy peace. The assessee paid tax on the amount surrendered as such the penalty cannot be levied. Ld.AR further argued that no queries have been raised as to the manner in which the surrendered amount was earned by the assessee and the authorities below did not strain their nerve to know whether really there was any undisclosed income as surrendered by the assessee, or only to avoid the procedural battles and to gain mental peace, the assessee made such surrender. 4. Per contra, it is the submission of the Ld. DR that as recorded by the Ld. CIT(A) vide paragraph No.3.4 of his order, when called upon to explain the manner i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Delhi [2013] 37 Taxmann.com 189 (ITAT, Delhi); Pramod Kumar Jain vs DCIT [2013] 33 Taxmann.com 651 (ITAT, Cuttack); ACIT, Central Circle vs Munish Kumar Goyal [2014] 45 Taxmann.com 563 (ITAT, Chandigarh); and ACIT vs A.N.Annamalaisamy (HUF) [2013] 38 Taxmann.com 440 (ITAT, Chennai) for the principle that where the assessee having surrender certain income in the course of search filed return wherein the said amount was duly disclosed and the taxes were paid accordingly. Facts of the cases on hand being similar, the principle laid down in the above decisions is applicable and while respectfully following the same, we hold the penalty in this matter u/s 271AAA of the Act cannot be sustained. We, therefore, direct the AO to delete the penalty. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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