TaxTMI 
TaxTMI 
2015 (7) TMI 451
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....ion 153A was issued, in response whereof, the assessee filed his return on 19th February, 2007. It is a fact that the assessee concealed an income of Rs. 86,16,319/- for the assessment year 2000-01. Similarly, undisclosed income for the assessment years 2001-02, 2002-03, 2003-04 and 2004-05 were there. The assessee made a statement under section 132(4) of the Income Tax Act. The question arose whether the assessee is entitled to immunity from penalty under Explanation-5 to Section 271(1)(c) of the Income Tax Act. The learned Tribunal has answered the question in favour of the assessee. The revenue has come up in appeal. The following question of law was suggested by the revenue. "Whether on the facts and circumstances of the case, the lear....
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....ppeals) which reads as follows: "The submissions are carefully considered. The undisputed fact about the difference between the income declared u/s 139(1), additional income offered u/s 132(4) and the assessed income u/s 153A being identical with the income returned u/s 153A as the aggregate of the original declaration of income and the additional income offered for tax u/s 132(4) are tabulated herein above. In my opinion, the language of Explanation is very clear. It provides immunity from penalty in respect of the amount of concealed income admitted during the search in a statement u/s 132(4). In this situation, the Delhi High Court in the case of CIT v. Chhabra Emporium (264 ITR 249) and Madras High Court judgment in the case of CIT v. ....
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.... 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 furnished inaccurate particulars of such income, [unless,- (1) such income is, or the transactions resulting in such income are recorded,- (i) in a case failing under clause (a), before the date of the search; and (ii) in a case failing under clause (b), on or before such date, in the books of account, if any, maintained by him for any source of income or such income is otherwise disclosed to the [[Principal Chief Commissioner or Chief Commissioner] or [Principal Commissioner or Commissioner]] before the said date;or (2) he, in course of the search, makes a statement u....