https://www.taxtmi.com/caselaws?id=65084 The Tribunal dismissed the appeal, upholding the penalty under section 271(1)(c) for the assessment year 1990-91. The appellant's concealment of income in the original return, coupled with the subsequent admission during the search operation, led to the rejection of the claim for immunity under Explanation 5. The Tribunal emphasized the established facts of additional income admission and undisclosed fund utilization, affirming the justified penalty imposed by the Assessing Officer. en-us Wed, 23 Jul 2003 00:00:00 +0530 Sat, 12 Feb 2011 12:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65084 The Tribunal dismissed the appeal, upholding the penalty under section 271(1)(c) for the assessment year 1990-91. The appellant's concealment of income in the original return, coupled with the subsequent admission during the search operation, led to the rejection of the claim for immunity under Explanation 5. The Tribunal emphasized the established facts of additional income admission and undisclosed fund utilization, affirming the justified penalty imposed by the Assessing Officer. Case-Laws Income Tax Wed, 23 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65084