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2003 (1) TMI 28 - HC - Income TaxImmunity for levy of penalty under section 271(1)(c) - A bare reading of sub-clause (2) to Explanation 5 makes it clear that if, during the course of search, a statement of the assessee is recorded under sub-section (4) of section 132 in respect of any amount, cash, stock, jewellery or other valuable article or thing which is found in his possession or control and the assessee admits in his statement that such income was acquired income or was acquired with the undisclosed income and pays the tax, together with interest if any on the said amount, he is granted an immunity for levy of penalty under section 271(1)(c) of the Act.
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