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2013 (2) TMI 291 - HC - Income TaxPenalty u/s 271(1)(c) - ITAT deleted the levy by granting benefit of immunity arising out of Explanation-5 to Section 271(1)(c) - Held that:- The manner in which the income was derived has also been disclosed and the assessee has thereafter paid the tax and the applicable interest, thus all the requirements of the clause were met by the assessee and, therefore, the Tribunal took the correct view of the matter in allowing the immunity and upholding the view of the CIT appeals and setting aside the order of penalty passed by AO - in favour of assessee.
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