https://www.taxtmi.com/caselaws?id=214879 The tribunal affirmed the Commissioner of Income-tax (Appeals)'s decision to uphold penalties under section 271(1)(c) of the Income-tax Act for non-disclosure of additional income found during a search and seizure operation. The assessees failed to meet the conditions for immunity from penalty as per Explanation 5 to the section, despite arguments that the income was declared during the search and included in returns filed under section 153A. The appeals were dismissed, emphasizing the importance of complying with the Act's provisions and established legal precedents in penalty matters. en-us Fri, 25 May 2012 00:00:00 +0530 Thu, 19 Jul 2012 05:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214879 The tribunal affirmed the Commissioner of Income-tax (Appeals)'s decision to uphold penalties under section 271(1)(c) of the Income-tax Act for non-disclosure of additional income found during a search and seizure operation. The assessees failed to meet the conditions for immunity from penalty as per Explanation 5 to the section, despite arguments that the income was declared during the search and included in returns filed under section 153A. The appeals were dismissed, emphasizing the importance of complying with the Act's provisions and established legal precedents in penalty matters. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214879