TaxTMI 
TaxTMI 
2012 (9) TMI 297
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....st date of the search, i.e., August 1, 1987, the said Karta while surrendering the amount, made a statement under Section 132(4) of the Income Tax Act, 1961 (for short, 'the Act'). On December 2, 1988 and December 18, 1988 notices were sent under Section 142(1)(ii) to the Karta calling upon him to furnish in writing and verified in the prescribed manner information (including a statement of all assets and liabilities whether included in the accounts or not). Such statement containing the relevant information was made by the Karta on February 16, 1990. In the said statement the said Karta reiterated his earlier statement regarding concealment of income. One date needs to be mentioned. As stated, in this civil appeal, we are concerned with th....
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....he assessee claims that such assets have been acquired by him by utilizing (wholly or in part) his income,- (a) For any previous year which has ended before the date of the search, but the return of income for such year has not been furnished before the said date or, where such return has been furnished before the said date, such income has not been declared therein; or (b) for any previous year which is to end on or after the date of the search, then, notwithstanding that such income is declared by him in any return of income furnished on or after the date of the search, he shall, for the purposes of imposition of a penalty under clause (c) of sub-section (1) of this section, be deemed to have concealed the particulars of his income or f....
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....tion of clause (2) of Explanation 5, which has been quoted above. Three conditions have got to be satisfied by the assessee for claiming immunity from payment of penalty under clause (2) of Explanation 5 to Section 271(1)(c). The first condition was that the assessee must make a statement under Section 132(4) in the course of search stating that the unaccounted assets and incriminating documents found from his possession during the search have been acquired out of his income, which has not been disclosed in the return of income to be furnished before expiry of time specified in Section 139(1). Such statement was made by the Karta during the search which concluded on August 1, 1987. It is not in dispute that condition No.1 was fulfilled. The....