https://www.taxtmi.com/caselaws?id=176328 The Tribunal ruled in favor of the assessees, granting them immunity under Explanation 5 to section 271(1)(c) of the Income Tax Act. The penalties imposed for alleged concealment of income were deleted as the income declared during the search was included in the returns filed in response to section 153A notices, without any further additions by the Assessing Officer. The Tribunal also clarified that Explanation 5A, deeming income based on entries in documents as concealed, was not applicable retrospectively to the assessment years involved. As a result, all appeals were allowed, and the penalties under section 271(1)(c) were overturned. en-us Fri, 14 Sep 2012 00:00:00 +0530 Mon, 27 Nov 2017 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176328 The Tribunal ruled in favor of the assessees, granting them immunity under Explanation 5 to section 271(1)(c) of the Income Tax Act. The penalties imposed for alleged concealment of income were deleted as the income declared during the search was included in the returns filed in response to section 153A notices, without any further additions by the Assessing Officer. The Tribunal also clarified that Explanation 5A, deeming income based on entries in documents as concealed, was not applicable retrospectively to the assessment years involved. As a result, all appeals were allowed, and the penalties under section 271(1)(c) were overturned. Case-Laws Income Tax Fri, 14 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176328