https://www.taxtmi.com/caselaws?id=67535 The Tribunal allowed the appeal, holding that the penalty of Rs. 1,68,000 was not justified. It concluded that the declaration of Rs. 3,20,000 was made "in the course of search" and that the assessee was entitled to immunity under Explanation 5 of section 271(1)(c). The Tribunal also found that the department did not provide sufficient evidence to prove that the assessee had undisclosed income, and the penalty was accordingly cancelled. en-us Wed, 27 Mar 1996 00:00:00 +0530 Fri, 11 Mar 2011 11:31:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67535 The Tribunal allowed the appeal, holding that the penalty of Rs. 1,68,000 was not justified. It concluded that the declaration of Rs. 3,20,000 was made "in the course of search" and that the assessee was entitled to immunity under Explanation 5 of section 271(1)(c). The Tribunal also found that the department did not provide sufficient evidence to prove that the assessee had undisclosed income, and the penalty was accordingly cancelled. Case-Laws Income Tax Wed, 27 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67535