9911796707
TMI Blog2003 (12) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... in the statement given under section 132(4), the assessee admits the receipt of undisclosed income for those years and also specifies the manner in which such income had been derived, and thereafter pays the tax on that undisclosed income with interest, such undisclosed income would get immunised from the levy of penalty – Thus penalty is not sustainable X X X X Extracts X X X X X X X X Extracts X X X X ..... lty on the assessee even while such penalty had not been levied for other members of his group on whose behalf he had admitted a larger income. The Assessing Officer construed para. (2) in Explanation 5 of section 271(1)(c) as being limited to the year of search and not applicable to earlier years. Explanation 5 to section 271(1)(c) provides that in the circumstances set out in paras. (1) and (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me which has not been disclosed so far in his return of income to be furnished before the expiry of time specified in sub-section (1) of section 139, and also specifies in the statement the manner in which such income has been derived and pay" the tax, together with interest, if any, in respect of such income." Clause (a) and clause (b) referred to above reads thus: "(a) for any previous year wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut of his undisclosed income and the specification by the assessee in such statement with regard to the manner in which such income had been derived, and the subsequent payment by the assessee of the tax on such undisclosed income together with interest. The words in para. (2), "... has been acquired out of his income which has not been disclosed in his return of income to be furnished before the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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