https://www.taxtmi.com/caselaws?id=177732 The Tribunal held that the penalty under section 271(1)(c) of the Income Tax Act was not justified as the income declared in the return under section 153A was accepted by the Assessing Officer, with no concealment or inaccurate particulars. The Tribunal relied on the High Court judgment in CIT vs. Kanhaiyalal, granting immunity under Explanation 5 to section 271(1)(c). Consequently, the penalty of Rs. 7,26,159 was deleted, and the assessee's appeal was allowed. en-us Wed, 18 Sep 2013 00:00:00 +0530 Tue, 15 Nov 2016 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177732 The Tribunal held that the penalty under section 271(1)(c) of the Income Tax Act was not justified as the income declared in the return under section 153A was accepted by the Assessing Officer, with no concealment or inaccurate particulars. The Tribunal relied on the High Court judgment in CIT vs. Kanhaiyalal, granting immunity under Explanation 5 to section 271(1)(c). Consequently, the penalty of Rs. 7,26,159 was deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 18 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177732