https://www.taxtmi.com/caselaws?id=220886 The Court upheld the Tribunal's decision granting the Assessee immunity from penalty under Explanation-5 to Section 271(1)(c) of the Income Tax Act. It was determined that the Assessee met the conditions specified in the clause by making a statement during the search, disclosing the income source, and paying the required tax and interest. The Court dismissed the appeal, setting aside the penalty imposed by the assessing officer based on the Assessee's compliance with the statutory requirements for immunity. en-us Fri, 11 Jan 2013 00:00:00 +0530 Wed, 13 Feb 2013 06:33:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220886 The Court upheld the Tribunal's decision granting the Assessee immunity from penalty under Explanation-5 to Section 271(1)(c) of the Income Tax Act. It was determined that the Assessee met the conditions specified in the clause by making a statement during the search, disclosing the income source, and paying the required tax and interest. The Court dismissed the appeal, setting aside the penalty imposed by the assessing officer based on the Assessee's compliance with the statutory requirements for immunity. Case-Laws Income Tax Fri, 11 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220886