https://www.taxtmi.com/caselaws?id=237249 Penalty under Section 271(1)(c) was held inapplicable where, during search, the assessee admitted undisclosed income in a Section 132(4) statement and expressed readiness to pay tax. The court treated the contemporaneous surrender, read with the search material, as bringing the case within Explanation 5, which protects an assessee from the presumption of concealment when full disclosure is made during search. On those facts, no further explanation about the manner of earning the income was required for penalty purposes, and concealment could not be presumed. Penalty was therefore not leviable. en-us Tue, 10 Sep 2013 00:00:00 +0530 Mon, 03 Feb 2014 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237249 Penalty under Section 271(1)(c) was held inapplicable where, during search, the assessee admitted undisclosed income in a Section 132(4) statement and expressed readiness to pay tax. The court treated the contemporaneous surrender, read with the search material, as bringing the case within Explanation 5, which protects an assessee from the presumption of concealment when full disclosure is made during search. On those facts, no further explanation about the manner of earning the income was required for penalty purposes, and concealment could not be presumed. Penalty was therefore not leviable. Case-Laws Income Tax Tue, 10 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237249