https://www.taxtmi.com/caselaws?id=258783 The Tribunal, following the decision of the Hon'ble Gujarat High Court, held that no penalty was leviable in the present case and directed its deletion. The Revenue failed to provide any contrary binding decision to support its stance. Consequently, the appeal of the assessee was allowed, and the penalty was set aside. The judgment emphasized the significance of adhering to legal provisions and precedents established by superior courts in deciding the imposition of penalties in cases involving disclosure of additional income during search and seizure actions under section 271(1)(c) of the Income Tax Act. en-us Fri, 30 Jan 2015 00:00:00 +0530 Mon, 20 Apr 2015 18:09:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258783 The Tribunal, following the decision of the Hon'ble Gujarat High Court, held that no penalty was leviable in the present case and directed its deletion. The Revenue failed to provide any contrary binding decision to support its stance. Consequently, the appeal of the assessee was allowed, and the penalty was set aside. The judgment emphasized the significance of adhering to legal provisions and precedents established by superior courts in deciding the imposition of penalties in cases involving disclosure of additional income during search and seizure actions under section 271(1)(c) of the Income Tax Act. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258783