https://www.taxtmi.com/caselaws?id=270671 The Appellate Tribunal ITAT Hyderabad allowed two appeals, concluding that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The tribunal held that Explanation-5A was not applicable as no incriminating material was found during the search operations, and the incomes were offered on an estimation basis accepted by the Assessing Officers without additions. Emphasizing the independence of proceedings under Sections 153A and 153C, the tribunal canceled the penalties as there was no concealed income or inaccurate particulars furnished. en-us Wed, 18 Nov 2015 00:00:00 +0530 Tue, 12 Jan 2016 00:51:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270671 The Appellate Tribunal ITAT Hyderabad allowed two appeals, concluding that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The tribunal held that Explanation-5A was not applicable as no incriminating material was found during the search operations, and the incomes were offered on an estimation basis accepted by the Assessing Officers without additions. Emphasizing the independence of proceedings under Sections 153A and 153C, the tribunal canceled the penalties as there was no concealed income or inaccurate particulars furnished. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270671