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2014 (4) TMI 819 - AT - Income TaxPenalty u/s 271(1)(c) of the Act – Held that:- The decision in COMMISSIONER OF INCOME-TAX Versus MAHENDRA C. SHAH [2008 (2) TMI 32 - GUJARAT HIGH COURT] followed - There is no payment of tax along with the return of income which was originally filed and payment of last tax has been made only subsequently after disclosing such income in the revised return of income which is not warranted by the language employed in exception No.2 so as to be entitled to immunity from penalty for concealment - there would be sufficient compliance with the provision if tax is shown to have been paid before the assessment was completed - when the statement is being recorded by the authorized officer it is incumbent upon the authorized officer to explain the provisions of Explanation 5 in its entirety to the assessee concerned and the authorized officer cannot stop short at a particular stage so as to permit the Revenue to take advantage of such a lapse in the statement - even if the statement does not specify the manner in which the income is derived, if the income is declared and tax thereon paid, there would be substantial compliance not warranting any further denial of the benefit under exception No.2 in Explanation 5 is commendable – Decided against Revenue.
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