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2005 (12) TMI 75 - HC - Income TaxPenalty u/s 271(1)(c) - "Whether, Tribunal was right in holding that the Commissioner of Income-tax (Appeals) was justified in cancelling the penalty u/s 271(1)(c) even though the assessee was not entitled to the immunity provided u/s 132(4) read with Explanation 5 to section 271(1)(c), since the disclosure made was not full and true?" – CIT (A) allowed assessee appeal on ground that Clause (2) of Explanation 5 to section 271(1)(c) categorically states that the statements made during the course of search by the assessee can be taken note of and by such a statement, the explanation offered by the assessee, in the opinion of the officer, is acceptable and there is no question of imposition of penalty. – no infirmity in Tribunal’s or CIT (A)’s order - there is no question of law, much less, substantial question of law in this appeal, which requires reconsideration
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