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2018 (2) TMI 979 - HC - Income TaxPenalty u/s 271(1)(c) - concealment of income on the amount offered in the returns filed under section 153 (A) - undisclosed income - Held that:- We find that all the three conditions in the present case have been fulfilled because after the search and seizure, the assessee had admitted in his statement that income has been derived from the land deals in the present case and thereafter, he filed returns in pursuance of the notice issued to him under section 153 (A) of the Income Tax Act by declaring the same in the returns of income and further, the assessee had paid tax together with the interest on the undisclosed income thereafter. We further find that assessee had already paid tax along with interest, although belatedly, but there is no limitation prescribed for the same under Clause 2 of Explanation 5 to Section 271 (1) (c) as held by the Hon’ble Supreme Court in the case of Gebilal Kanhaialal HUF 2012 (9) TMI 297 - SUPREME COURT). - Decided in favour of assessee
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