https://www.taxtmi.com/caselaws?id=71617 The Tribunal upheld the penalty imposed under section 271(1)(c) for the assessment year 1986-87, finding that the income disclosed under section 132(4) was not recorded in the books or disclosed before the search. However, for the assessment year 1989-90, the Tribunal partially allowed the appeal, directing the deletion of the penalty on income exceeding Rs. 90,704 as no initial return was filed before the search. The decision emphasized the restrictive application of Explanation 5 to prevent post-search disclosures from nullifying penalties. en-us Mon, 25 Sep 2000 00:00:00 +0530 Tue, 26 Apr 2011 11:10:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71617 The Tribunal upheld the penalty imposed under section 271(1)(c) for the assessment year 1986-87, finding that the income disclosed under section 132(4) was not recorded in the books or disclosed before the search. However, for the assessment year 1989-90, the Tribunal partially allowed the appeal, directing the deletion of the penalty on income exceeding Rs. 90,704 as no initial return was filed before the search. The decision emphasized the restrictive application of Explanation 5 to prevent post-search disclosures from nullifying penalties. Case-Laws Income Tax Mon, 25 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71617