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2011 (10) TMI 263 - HC - Income TaxPenalty - Amount received shown as "Gift" in original return - Search Conducted - Materials found reveled the same as Undisclosed income of assessee - Held - When assessee surrendered the income and offered the same to tax along with interest and also surrendered the expenditure incurred in the form of commission for arranging such gifts. Subsequently revised returns have also been filed. As per clause (1) and (2) of Explanation 5 to Section 271(1)(c) the question is subsequently answered against revenue and penalty cannot be imposed.
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