https://www.taxtmi.com/caselaws?id=177780 The appellate tribunal upheld the decision to delete the penalty under section 271(1)(c) on additional income declared after a search operation. The tribunal ruled that the assessee was entitled to immunity from penalty under Explanation 5 to Section 271(1)(c) as the income was offered for taxation in the return filed post-search action, without the need to specify the manner of earning income in the section 132(4) statement. The appeal was dismissed, affirming the CIT(A)'s order based on established legal principles and precedents. en-us Wed, 30 Nov 2011 00:00:00 +0530 Thu, 07 Sep 2017 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177780 The appellate tribunal upheld the decision to delete the penalty under section 271(1)(c) on additional income declared after a search operation. The tribunal ruled that the assessee was entitled to immunity from penalty under Explanation 5 to Section 271(1)(c) as the income was offered for taxation in the return filed post-search action, without the need to specify the manner of earning income in the section 132(4) statement. The appeal was dismissed, affirming the CIT(A)'s order based on established legal principles and precedents. Case-Laws Income Tax Wed, 30 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177780