https://www.taxtmi.com/caselaws?id=271009 The Tribunal upheld the deletion of penalty for additional income declared under section 153A, ruling that Explanation 5A did not apply due to lack of direct linkage with seized material. However, the Tribunal directed the AO to impose penalty under section 271(1)(c) for the additional income assessed post-search and to delete the penalty for unexplained loans not found in incriminating documents. The Revenue's appeal in ITA No.2241/PN/2012 was partly allowed, while other appeals in ITA Nos.2242, 2243 & 2244/PN/2012 were fully allowed. The decision was issued on October 30, 2015. en-us Fri, 30 Oct 2015 00:00:00 +0530 Wed, 17 Feb 2016 19:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271009 The Tribunal upheld the deletion of penalty for additional income declared under section 153A, ruling that Explanation 5A did not apply due to lack of direct linkage with seized material. However, the Tribunal directed the AO to impose penalty under section 271(1)(c) for the additional income assessed post-search and to delete the penalty for unexplained loans not found in incriminating documents. The Revenue's appeal in ITA No.2241/PN/2012 was partly allowed, while other appeals in ITA Nos.2242, 2243 & 2244/PN/2012 were fully allowed. The decision was issued on October 30, 2015. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271009