https://www.taxtmi.com/caselaws?id=176718 The Tribunal dismissed the revenue's appeal against the deletion of penalty under section 271(1)(c) of the Income Tax Act, affirming the CIT(A)'s decision in favor of the appellant. The appellant disclosed unaccounted income during a search operation, paid taxes, and the returned income was accepted. The Tribunal held that the appellant was entitled to exemption under Explanation 5 to Section 271(1)(c) based on relevant case laws and upheld the CIT(A)'s decision, citing the appellant's disclosure and acceptance of income. en-us Thu, 31 May 2012 00:00:00 +0530 Mon, 28 Dec 2015 18:49:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176718 The Tribunal dismissed the revenue's appeal against the deletion of penalty under section 271(1)(c) of the Income Tax Act, affirming the CIT(A)'s decision in favor of the appellant. The appellant disclosed unaccounted income during a search operation, paid taxes, and the returned income was accepted. The Tribunal held that the appellant was entitled to exemption under Explanation 5 to Section 271(1)(c) based on relevant case laws and upheld the CIT(A)'s decision, citing the appellant's disclosure and acceptance of income. Case-Laws Income Tax Thu, 31 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176718