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2012 (7) TMI 449 - AT - Income TaxPenalty under section 271(1)(c) of the Income-tax Act - in the course of the search and seizure action, assessee admitted certain additional income in the course of statement recorded under section 132(4) of the Act - appellant has stated that since he has made the declaration u/s 132(4), and paid taxes on it, he is entitled to benefit of immunity under clause (2) of Explanation 5 to sec. 271(1)(c) – Held that:- Income which has not been disclosed so far in his return of income to be furnished before the expiry of time specified in s. 139(1) in clause 2 of explanation are intended to cover only such situations where the time-limit specified in s. 139(1) did not expire as on the date of the search - declaration of income was made for the earlier years for which due date for filing the return of income has already expired prior to the date of search - appellant is not entitled to benefit of immunity prided under clause 2 of Explanation 5 for the declaration made for the year under appeal - appeals are dismissed
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