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2012 (11) TMI 928 - GUJARAT HIGH COURTPenalty u/s.217(1)(c) of the Act on disclosure made by the assessee during the course of survey – Held that:- There was no variation in the returned income and therefore, there was no basis for levying of penalty - only reason why the Assessing Officer had justified in levying of penalty was the material found during the course of survey indicating unaccounted receivables - neither explanation 5 to section 271(1)(c) was applicable nor was it a case where the assessee had not declared the surrendered income in the returned income within the due date – penalty deleted
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