https://www.taxtmi.com/caselaws?id=216489 The SC held that the assessee is entitled to immunity from penalty under clause (2) of Explanation 5 to Section 271(1)(c) as all three statutory conditions were met. The assessee disclosed unaccounted assets during the search, admitted these were income not declared before the due date under Section 139(1), and specified the manner of income derivation under Section 132(4). The assessee also paid the tax with interest on the disclosed income, fulfilling the third condition. Since no time limit for payment was prescribed in the clause and no default was established, the penalty was waived. The decision favored the assessee. en-us Tue, 04 Sep 2012 00:00:00 +0530 Wed, 13 Aug 2025 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216489 The SC held that the assessee is entitled to immunity from penalty under clause (2) of Explanation 5 to Section 271(1)(c) as all three statutory conditions were met. The assessee disclosed unaccounted assets during the search, admitted these were income not declared before the due date under Section 139(1), and specified the manner of income derivation under Section 132(4). The assessee also paid the tax with interest on the disclosed income, fulfilling the third condition. Since no time limit for payment was prescribed in the clause and no default was established, the penalty was waived. The decision favored the assessee. Case-Laws Income Tax Tue, 04 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216489