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2011 (7) TMI 637 - HC - Income TaxPenalty u/s 271(1)(c) - whether benefit is available under Explanation 5 to Section 271(1)(c) in respect of any surrender/disclosure made not at the time of search and seizure but thereafter by statement u/s 131(1) during the assessment proceedings in pursuance to the search and seizure operations - Held that:- The expression "in the course of the search" in Explanation 5 to Section 271(1)(c) would not include post search period like assessment proceedings in pursuance to search operations. The legislative intent for providing immunity from penalty under Explanation 5 to Section 271(1)(c) was to give concession and another opportunity to an assessee to come clean before detection during the course of search and seizure. It nowhere entitles an assessee to seek immunity from penalty where the assessee was cornered after detection during assessment proceedings in pursuance to search operations and had not availed benefit of opportunity provided in terms of Explanation 5 to Section 271(1)(c). Therefore, statement made u/s 131(1)during assessment proceedings in pursuance of search and seizure operations cannot partake the character of statement u/s 132(4) - Decided against the assessee
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