https://www.taxtmi.com/caselaws?id=70765 The penalties imposed under section 271(1)(c) for non-filing of income tax returns within the due date were canceled by the Appellate Tribunal. The Tribunal held that Explanation 5 was not applicable as there were no specific seizures of assets during the search. It was emphasized that neither Explanation 3 nor Explanation 5 applied to the case, as the returns were filed within the prescribed time limit and accepted by the Assessing Officer without any findings of concealed income. Consequently, the penalties were deemed unjustified, leading to the cancellation of penalties for both years. en-us Tue, 23 Aug 1994 00:00:00 +0530 Tue, 19 Apr 2011 11:25:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70765 The penalties imposed under section 271(1)(c) for non-filing of income tax returns within the due date were canceled by the Appellate Tribunal. The Tribunal held that Explanation 5 was not applicable as there were no specific seizures of assets during the search. It was emphasized that neither Explanation 3 nor Explanation 5 applied to the case, as the returns were filed within the prescribed time limit and accepted by the Assessing Officer without any findings of concealed income. Consequently, the penalties were deemed unjustified, leading to the cancellation of penalties for both years. Case-Laws Income Tax Tue, 23 Aug 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70765