https://www.taxtmi.com/caselaws?id=61814 The Tribunal ruled in favor of the assessee, a partnership firm, in penalty proceedings under section 271(1)(c) of the Income-tax Act for the assessment years 1984-85 and 1985-86. The penalties imposed for alleged concealment of income were canceled as the additions were made on an agreed basis and not due to deliberate inaccurate particulars or income concealment. Additionally, the Tribunal held that title deeds of immovable properties seized during a search did not fall under Explanation 5 to section 271(1)(c) as they were not considered "valuable articles." The appeals were allowed, overturning the penalties imposed by the CIT(A). en-us Thu, 22 Aug 1991 00:00:00 +0530 Sat, 15 Jan 2011 11:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61814 The Tribunal ruled in favor of the assessee, a partnership firm, in penalty proceedings under section 271(1)(c) of the Income-tax Act for the assessment years 1984-85 and 1985-86. The penalties imposed for alleged concealment of income were canceled as the additions were made on an agreed basis and not due to deliberate inaccurate particulars or income concealment. Additionally, the Tribunal held that title deeds of immovable properties seized during a search did not fall under Explanation 5 to section 271(1)(c) as they were not considered "valuable articles." The appeals were allowed, overturning the penalties imposed by the CIT(A). Case-Laws Income Tax Thu, 22 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61814