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2018 (4) TMI 1197 - AT - Income TaxPenalty u/s 271(1)(c) - income surrendered during the search and seizure operation - Held that:- The assessee has paid tax on the income surrendered as per statement recorded u/s 132 (4) at the time of search and seizure operation together with interest before the completion of assessment. See CIT vs. Radha Kishan Goel [2005 (4) TMI 47 - ALLAHABAD High Court] and CIT vs. Mahendra C. Shah – (2008 (2) TMI 32 - GUJARAT HIGH COURT). When the assessee has offered aggregate amount of ₹ 64,00,000/- which includes the cash seized and adjusted in accordance with the question no.10 of statement recorded u/s 132 (4) and this amount finds mention in the computation of income, the provisions contained under Explanation (5) to section 271)(1)(c) are not attracted. So, the question framed is answered in the negative. AO has failed to make out the case of concealment of income or furnishing of inaccurate particulars of such income by the assessee so as to attract the provisions contained u/s 271(1)(c) of the Act, hence penalty levied by the AO and restricted by the ld. CIT (A) is hereby deleted. - Decided in favour of assessee.
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