https://www.taxtmi.com/caselaws?id=246850 The Tribunal upheld the decision of the Ld.CIT(A) to grant exemption under Explanation 5 to Section 271(1)(c) of the Act. It found that the disclosed income was related to the search process, accepted the returned income, and emphasized the importance of full disclosure during the statement recording process. The Tribunal also supported the deletion of penalty based on specific case laws, highlighting the assessee's compliance with disclosure requirements and tax payments. The Tribunal dismissed the Revenue's appeal regarding the applicability of an amended provision and affirmed the deletion of the penalty imposed under Section 271(1)(c) for the Assessment Year 2007-08. en-us Fri, 15 Nov 2013 00:00:00 +0530 Thu, 24 Apr 2014 08:02:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246850 The Tribunal upheld the decision of the Ld.CIT(A) to grant exemption under Explanation 5 to Section 271(1)(c) of the Act. It found that the disclosed income was related to the search process, accepted the returned income, and emphasized the importance of full disclosure during the statement recording process. The Tribunal also supported the deletion of penalty based on specific case laws, highlighting the assessee's compliance with disclosure requirements and tax payments. The Tribunal dismissed the Revenue's appeal regarding the applicability of an amended provision and affirmed the deletion of the penalty imposed under Section 271(1)(c) for the Assessment Year 2007-08. Case-Laws Income Tax Fri, 15 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246850