https://www.taxtmi.com/caselaws?id=208668 The Tribunal held that the penalty under Section 271(1)(c) for amounts shown as gifts but later found to be undisclosed income during a search was not justified. The assessees had declared the income in revised returns to buy peace with the department, leading to the dismissal of the appeals. The Tribunal found that the conditions under Explanation 5 to Section 271(1)(c) were fulfilled as the income was declared in the revised returns and tax with interest was paid, providing immunity from penalty. en-us Wed, 19 Oct 2011 00:00:00 +0530 Tue, 24 Jan 2012 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208668 The Tribunal held that the penalty under Section 271(1)(c) for amounts shown as gifts but later found to be undisclosed income during a search was not justified. The assessees had declared the income in revised returns to buy peace with the department, leading to the dismissal of the appeals. The Tribunal found that the conditions under Explanation 5 to Section 271(1)(c) were fulfilled as the income was declared in the revised returns and tax with interest was paid, providing immunity from penalty. Case-Laws Income Tax Wed, 19 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208668