https://www.taxtmi.com/caselaws?id=202985 Penalty under section 271(1)(c) with Explanation 5 was held not to apply where the search ended without recording a statement under section 132(4), and the assessee later disclosed the income at the first available opportunity, paid tax, and returned the income within time. The deeming fiction of concealment could not be invoked in isolation from the statutory requirement of a section 132(4) statement, and the assessee's conduct was treated as bona fide compliance rather than concealment. Immunity from penalty was therefore available. en-us Wed, 04 Nov 2009 00:00:00 +0530 Fri, 29 Apr 2011 07:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202985 Penalty under section 271(1)(c) with Explanation 5 was held not to apply where the search ended without recording a statement under section 132(4), and the assessee later disclosed the income at the first available opportunity, paid tax, and returned the income within time. The deeming fiction of concealment could not be invoked in isolation from the statutory requirement of a section 132(4) statement, and the assessee's conduct was treated as bona fide compliance rather than concealment. Immunity from penalty was therefore available. Case-Laws Income Tax Wed, 04 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202985