https://www.taxtmi.com/caselaws?id=67239 The Tribunal upheld the decision of the CIT(Appeals) to cancel the penalty of Rs. 2,85,000 imposed under section 271(1)(c) of the Income-tax Act, 1961, due to discrepancies in income disclosure related to investment in pawned articles following a search and seizure operation. The Tribunal found that the transaction giving rise to the income was correctly recorded in the seized books of account, meeting the requirements of an exception under Explanation 5 to section 271(1)(c). Consequently, the Revenue's appeal against the cancellation of the penalty was dismissed. en-us Fri, 25 Apr 1997 00:00:00 +0530 Wed, 09 Mar 2011 16:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67239 The Tribunal upheld the decision of the CIT(Appeals) to cancel the penalty of Rs. 2,85,000 imposed under section 271(1)(c) of the Income-tax Act, 1961, due to discrepancies in income disclosure related to investment in pawned articles following a search and seizure operation. The Tribunal found that the transaction giving rise to the income was correctly recorded in the seized books of account, meeting the requirements of an exception under Explanation 5 to section 271(1)(c). Consequently, the Revenue's appeal against the cancellation of the penalty was dismissed. Case-Laws Income Tax Fri, 25 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67239