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2013 (1) TMI 717 - AT - Income TaxPenalty u/s 271(1)(c) - Benefit of Explanation 5 of section 271(1)(c) - Held that:- benefit of Explanation 5 of section 271(1)(c) is available to the assessee-company, as all the requisite conditions of this Explanation stand fulfilled. The version that the surrender is not voluntary would not apply in the case when surrender of undisclosed income is made under section 132(4) and certain specific conditions are found to exist. - benefit of Explanation 5 is available to this assessee and no penalty under section 271(1)(c) can be imposed in all the three assessment years. Therefore, we order to delete penalty levied in all these years namely (2004-05) and (2006-07), are ordered to be deleted. - Following decision of Asst. CIT v. Gebilal Kanhaiyalal [2012 (9) TMI 297 - SUPREME COURT] - Decided in favour of assessee.
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