Court held that, clause (2) of Explanation 5 appended to section 271(1)(c) of the Act has not changed with the amendment of law with effect from June 1, 2003 changing the procedure of assessment in the case of search under section 132. The filing of the returns after the notice is issued to the assessee after search under section 158BC of the Act does not, for the purpose of clause (2) of Explanation 5 to section 271(1)(c) of the Act, mandate the assessee to pay such tax admitted by him to be payable with interest on the undisclosed income admitted by him in the course of search in the statements under section 132(4) of the Act. The only change brought about with effect from June 1, 2003 is in the procedure in the filing of returns and in the assessment for each year independently rather than in the assessment for a block of period as was the position prior to June 1, 2003. Accordingly the assessee satisfied all the three conditions, namely (a) disclosure of undisclosed income in the course of the statements under section 132(4) of the Act; (b) specifying the manner of earning it from real estate business; and (c) payment of tax with interest for which no time frame is fixed in Explanation 5(2). The assessee was entitled to the immunity from penalty under section 271(1)(c). As regards the agricultural income the question of fact hence deletion of penalty by Tribunal is held to be justified. (AY. 2002-03 to 2008-09)