https://www.taxtmi.com/caselaws?id=205943 The Tribunal upheld the imposition of penalties under section 271(1)(c) of the Income-tax Act, stating that the assessees failed to disclose their true income in the original returns filed under section 139. The Tribunal rejected the application of Explanation 5(2) to section 271(1)(c) for immunity, as the returns under section 153A were filed post-search and did not disclose the income in the original returns. Additionally, the Tribunal held that returns filed under section 153A should not be treated as fresh returns under section 139 for penalty purposes, justifying the penalties imposed. en-us Thu, 25 Jun 2009 00:00:00 +0530 Sat, 30 Jan 2016 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205943 The Tribunal upheld the imposition of penalties under section 271(1)(c) of the Income-tax Act, stating that the assessees failed to disclose their true income in the original returns filed under section 139. The Tribunal rejected the application of Explanation 5(2) to section 271(1)(c) for immunity, as the returns under section 153A were filed post-search and did not disclose the income in the original returns. Additionally, the Tribunal held that returns filed under section 153A should not be treated as fresh returns under section 139 for penalty purposes, justifying the penalties imposed. Case-Laws Income Tax Thu, 25 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205943