No penalty for duly disclosed  transactions reflected in seized dairies in Returns pursuant to Section 153A notice

Jayant B Patel HUF Vs DCIT (ITAT Mumbai) (a) No penalty under Explanation-5 to Section 271(1)(c) of the Act could be levied in respect of undisclosed income found in the course of search but which were duly returned by the assessee in the return filed u/s.153A of the Act together with compliance of other conditions submitted in Clause-2 of Explanation-5 to Section 271(1)(c) of the Act which provides immunity to the assessee from levy of penalty. By this, the penalty levied for all the assessment years in the total sum of Rs.17,39,035/- is deleted. (b) In respect of penalty on additions made du...