https://www.taxtmi.com/caselaws?id=174885 The Tribunal upheld the penalty of Rs. 44,27,692/- levied under Section 271(1)(c) of the Income-tax Act, 1961, finding that the assessee concealed income by not disclosing it in the original return or in response to the notice under Section 153A. The Tribunal determined that the immunity under Explanation 5 was not applicable as the income source was not specified, not recorded in the books of account, and the assessee retracted the declaration made under Section 132(4). Consequently, the appeal was dismissed, and the penalty was upheld. en-us Thu, 25 Mar 2010 00:00:00 +0530 Tue, 27 Oct 2015 12:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174885 The Tribunal upheld the penalty of Rs. 44,27,692/- levied under Section 271(1)(c) of the Income-tax Act, 1961, finding that the assessee concealed income by not disclosing it in the original return or in response to the notice under Section 153A. The Tribunal determined that the immunity under Explanation 5 was not applicable as the income source was not specified, not recorded in the books of account, and the assessee retracted the declaration made under Section 132(4). Consequently, the appeal was dismissed, and the penalty was upheld. Case-Laws Income Tax Thu, 25 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174885