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2019 (8) TMI 235 - AT - Income TaxPenalty u/s 271(1)(c) - immunity available to the assessees under sub-clause (a) and (b) of Explanation 5A - During the course of search various loose papers, documents electronic data were found and seized - assessments were finalized u/s 153A r.w. section 143(3) vide which the ld.AO has accepted the returned income - disclosure of additional income - HELD THAT:- Tribunal in was unanimous in its approach in holding that if during the course of search any incriminating material; money, bullion or jewellery was not unearthed, then additional income declared by the assessee in response to notice under section 153A, the deeming fiction of concealment under Explanation 5A would not be attracted. We do not have any hesitation in concurring with the above construction of Explanation 5A. But basic difference of applying it on the facts would arise as under in the present appeal. A perusal of Note No.3 would indicate that the assessee has admitted discovery of loose papers, documents/electronic data and whose basis he has prepared his return showing additional income. In the face of the above discovery of evidence, it could not be said that Explanation 5A is not applicable. Therefore, the facts in the present appeal are quite distinguishable. Explanation 5A has been invoked on the basis of seized material admitted by the assessee persuading it to disclose additional income. - Decided against assessee.
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