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2009 (3) TMI 610 - HC - Income TaxPenalty - Search and seizure - Undisclosed income - -assessee has declared undisclosed income while making a statement on October 10, 1988 and he has not disclosed the said income in his returns filed on October 5, 1988 - Having regard to clause (2) whatever was required has been complied with by the assessee - The Appellate Tribunal simply referring to the immunity provided under section Explanation 5 of section 271(1)(c) has given immunity to the assessee by deleting the 100 per cent. penalty of tax levied - The appeal is dismissed
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