https://www.taxtmi.com/caselaws?id=204511 The High Court dismissed the Revenue's appeal challenging the deletion of penalty under section 271(1)(c) by the Income-tax Appellate Tribunal. The Tribunal granted immunity to the assessee based on Explanation 5, as the undisclosed income was declared during a search conducted in 1988. The Court upheld the Tribunal's decision, stating that the assessee had fulfilled the conditions for immunity from penalty under section 271(1)(c). Consequently, the appeal was dismissed, affirming the Tribunal's decision and answering the substantial question of law against the Revenue. en-us Mon, 16 Mar 2009 00:00:00 +0530 Thu, 20 Dec 2012 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204511 The High Court dismissed the Revenue's appeal challenging the deletion of penalty under section 271(1)(c) by the Income-tax Appellate Tribunal. The Tribunal granted immunity to the assessee based on Explanation 5, as the undisclosed income was declared during a search conducted in 1988. The Court upheld the Tribunal's decision, stating that the assessee had fulfilled the conditions for immunity from penalty under section 271(1)(c). Consequently, the appeal was dismissed, affirming the Tribunal's decision and answering the substantial question of law against the Revenue. Case-Laws Income Tax Mon, 16 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204511