https://www.taxtmi.com/caselaws?id=214321 The Tribunal concluded that penalties for concealment of income under section 271(1)(c) were not justified as the additional income was estimated, not concealed. Penalties on estimated additional income were deleted. The Tribunal upheld the validity of additional income assessed under section 153A but deleted associated penalties. The assessee was not entitled to immunity under Explanation 5(2) to section 271(1)(c) as the income was not declared within the specified time. The appeals resulted in the deletion of penalties on estimated income but reinstatement of penalties on income declared in returns under section 153A. en-us Fri, 13 Jan 2012 00:00:00 +0530 Sat, 16 Apr 2016 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214321 The Tribunal concluded that penalties for concealment of income under section 271(1)(c) were not justified as the additional income was estimated, not concealed. Penalties on estimated additional income were deleted. The Tribunal upheld the validity of additional income assessed under section 153A but deleted associated penalties. The assessee was not entitled to immunity under Explanation 5(2) to section 271(1)(c) as the income was not declared within the specified time. The appeals resulted in the deletion of penalties on estimated income but reinstatement of penalties on income declared in returns under section 153A. Case-Laws Income Tax Fri, 13 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214321