https://www.taxtmi.com/caselaws?id=270382 The Tribunal allowed the appeals, setting aside the orders of the AO and CIT(A). It held that the penalties under Section 271(1)(c) were not justified, given that the assessee had voluntarily disclosed additional income and filed returns before the introduction of Explanation 5A. The Tribunal emphasized that the proceedings under Section 153A are separate from regular assessment proceedings, and no penalty should be levied when the declared income matches the assessed income without further additions. en-us Fri, 13 Nov 2015 00:00:00 +0530 Tue, 05 Jan 2016 11:13:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270382 The Tribunal allowed the appeals, setting aside the orders of the AO and CIT(A). It held that the penalties under Section 271(1)(c) were not justified, given that the assessee had voluntarily disclosed additional income and filed returns before the introduction of Explanation 5A. The Tribunal emphasized that the proceedings under Section 153A are separate from regular assessment proceedings, and no penalty should be levied when the declared income matches the assessed income without further additions. Case-Laws Income Tax Fri, 13 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270382