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2012 (9) TMI 297 - SC - Income TaxPenalty u/s 271(1)(c) - search and seizure - assessee claimed immunity under clause (2) of Explanation 5 to Section 271(1)(c) - Held that:- The assessee is entitled to immunity from payment of penalty under clause (2) of Explanation 5 to Section 271(1)(c) as all the three conditions as defined under the section are satisfied by assessee as decided in assessee' sown case in 2004 (7) TMI 86 - RAJASTHAN HIGH COURT. As the statement was made by the Karta (assessee) during the search which concluded on August 1, 1987 that the unaccounted assets and incriminating documents found from his possession during the search have been acquired out of his income, which has not been disclosed in the return of income before expiry of time specified in Section 139(1), thus satisfying first condition - second condition was satisfied as the assessee had specified in his statement under Section 132(4), the manner in which such income stood derived - for satisfying third condition the only requirement stipulated for the assessee to "pay tax together with interest" as in the present case the assessee has paid tax with interest upto the date of payment, since Clause (2) did not prescribe the time limit within which the assessee should pay tax on income disclosed in the statement under Section 132(4) no default proved - decided in favour of assessee
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