https://www.taxtmi.com/caselaws?id=216517 The ITAT allowed the appeals, setting aside the penalties imposed under Section 271(1)(c) for all relevant assessment years. It was held that Explanation 5 does not apply to searches conducted before 01.06.2007 regarding entries in seized material. The decision emphasized adherence to legal provisions post the Finance Act, 2007, and consistency in judicial interpretation. en-us Tue, 31 Jul 2012 00:00:00 +0530 Mon, 21 Jan 2013 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216517 The ITAT allowed the appeals, setting aside the penalties imposed under Section 271(1)(c) for all relevant assessment years. It was held that Explanation 5 does not apply to searches conducted before 01.06.2007 regarding entries in seized material. The decision emphasized adherence to legal provisions post the Finance Act, 2007, and consistency in judicial interpretation. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216517