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2016 (8) TMI 355 - ITAT JAIPURPenalty u/s 271(1)(c) - assessment u/s 153A r.w.s. 153B/143(3) - surrender of income by assessee - Held that:- It is undisputed fact that the assessee in his return of income has declared undisclosed income as was declared during the course of search under section 132(4) of the Act. As per Explanation-5 to section 271(1)(c) of the Act, immunity is provided to the assessee against levying of penalty subject to fulfillment of certain conditions. One of the conditions is that the undisclosed income is required to be incorporated into the return of income to be furnished before expiry of time specified in section 139(1) of the Act and also specify in the statement, manner in which such income has been derived and pay the tax together with interest, if any, in respect of such undisclosed income. We find that ld. CIT (A) has given a finding of fact that while filing the return, an amount of ₹ 78,50,000/- was declared in the year under appeal. Similarly, the amount of ₹ 13,00,000/- out of pocket diary expenses which was part of the total surrender of ₹ 1.40 crores made in the course of statement under section 132(4) was also declared in the year under appeal. Hence the total surrender in the year in hands of the appellant, amounted to ₹ 91,50,000/- which was accepted by the AO in the order passed under section 153A/143(3) of the Act. This fact is not controverted by the revenue by placing any other material on record. - Decided in favour of assessee
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