https://www.taxtmi.com/caselaws?id=252442 The Partnership Firm, involved in the bullion and jewellery business, faced assessment of undisclosed income following a search under Section 132 of the Income Tax Act. While the silver was accepted, the gold was treated as undisclosed income for the assessment year 1986-87. The penalty under Section 271(1)(c) was imposed but later reduced to 100%. The appellant challenged this penalty under Section 260A, arguing for immunity under Explanation 5. The Court granted the appeal, setting aside the penalty and affirming compliance with the immunity conditions. en-us Tue, 26 Aug 2014 00:00:00 +0530 Wed, 18 Feb 2015 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252442 The Partnership Firm, involved in the bullion and jewellery business, faced assessment of undisclosed income following a search under Section 132 of the Income Tax Act. While the silver was accepted, the gold was treated as undisclosed income for the assessment year 1986-87. The penalty under Section 271(1)(c) was imposed but later reduced to 100%. The appellant challenged this penalty under Section 260A, arguing for immunity under Explanation 5. The Court granted the appeal, setting aside the penalty and affirming compliance with the immunity conditions. Case-Laws Income Tax Tue, 26 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252442