https://www.taxtmi.com/caselaws?id=269936 The tribunal upheld a penalty of Rs. 2,80,394 under Section 271(1)(c) of the Income Tax Act for concealment of income. It clarified that Explanation-5 and Explanation-5A were not applicable in this case. Reassessment proceedings under Section 147 were deemed valid, and immunity from penalty under Section 153A was denied. The tribunal emphasized that voluntary disclosure of income after being confronted with search findings does not absolve the assessee from penalty. The appeal was dismissed on 30th October 2015. en-us Fri, 30 Oct 2015 00:00:00 +0530 Thu, 24 Dec 2015 10:10:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269936 The tribunal upheld a penalty of Rs. 2,80,394 under Section 271(1)(c) of the Income Tax Act for concealment of income. It clarified that Explanation-5 and Explanation-5A were not applicable in this case. Reassessment proceedings under Section 147 were deemed valid, and immunity from penalty under Section 153A was denied. The tribunal emphasized that voluntary disclosure of income after being confronted with search findings does not absolve the assessee from penalty. The appeal was dismissed on 30th October 2015. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269936