https://www.taxtmi.com/caselaws?id=177253 The Tribunal allowed the appeal of the assessee, overturning the penalty imposed under Section 271(1)(c) of the Income Tax Act. They held that Explanation 5A, deeming undeclared income as concealed if found during a search, did not apply retrospectively as the original return was filed before the amendment. Therefore, the penalty of Rs. 12,84,177 was deleted, emphasizing the assessee's genuine disclosure of additional income during the search. en-us Wed, 14 Oct 2015 00:00:00 +0530 Tue, 05 Jan 2016 22:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177253 The Tribunal allowed the appeal of the assessee, overturning the penalty imposed under Section 271(1)(c) of the Income Tax Act. They held that Explanation 5A, deeming undeclared income as concealed if found during a search, did not apply retrospectively as the original return was filed before the amendment. Therefore, the penalty of Rs. 12,84,177 was deleted, emphasizing the assessee's genuine disclosure of additional income during the search. Case-Laws Income Tax Wed, 14 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177253