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2016 (3) TMI 641 - ITAT KOLKATAPenalty u/s 271(1)(c ) - whether the assessee is entitled for immunity from levy of penalty on account of Explanation 5 to Section 271(1)(c ) of the Act in respect of income offered after the search but in the return filed u/s 153C of the Act - Held that:- The assessee has cumulatively satisfied all the conditions stipulated in Clause 2 of Explanation 5 to Section 271(1)( c) of the Act and hence entitled for immunity from levy of penalty for all the assessment years under appeal. The assessee had filed the returns u/s 153C and u/s 139(1) of the Act as the case may be, and the same has been accepted in the search assessments and regular assessment, no penalty u/s 271(1)(c ) of the Act could be levied. The expression ‘to be furnished’ mentioned in Clause 2 of Explanation 5 to Section 271(1)(c ) has to be construed as ‘required to be furnished u/s 153A of the Act. No satisfaction with regard to specific charge of concealment, as contemplated in section two limbs of section 271(1)(c ) of the Act , was recorded by the Learned AO and the same is not discernible either from the show cause notice or from the assessment order. - Decided in favour of assessee
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