https://www.taxtmi.com/caselaws?id=69914 The Tribunal dismissed the appeals by the assessee, confirming the penalty levied under section 271(1)(c). It held that Explanation 5 to section 271(1)(c) was not applicable as there was no search under section 132, and the disclosure of income by the assessee was not deemed voluntary. The Tribunal emphasized that fiscal statutes must be strictly construed, and the disclosure made under the constraint of potential adverse action by the tax authorities could not be considered voluntary. en-us Fri, 14 Mar 2008 00:00:00 +0530 Wed, 12 Jun 2013 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69914 The Tribunal dismissed the appeals by the assessee, confirming the penalty levied under section 271(1)(c). It held that Explanation 5 to section 271(1)(c) was not applicable as there was no search under section 132, and the disclosure of income by the assessee was not deemed voluntary. The Tribunal emphasized that fiscal statutes must be strictly construed, and the disclosure made under the constraint of potential adverse action by the tax authorities could not be considered voluntary. Case-Laws Income Tax Fri, 14 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69914