https://www.taxtmi.com/caselaws?id=178225 The ITAT ruled in favor of the assessee, holding that the penalties under section 271(1)(c) of the Income Tax Act for the assessment years 2003-04, 2004-05, and 2005-06 could not be sustained. The ITAT concluded that since the disclosed income was covered by the declaration made in the statement recorded under section 132(4) and the taxes were duly paid, the provisions of Explanation 5 applied. Therefore, the penalties were deleted, and the appeals of the assessee were allowed. en-us Fri, 24 Apr 2015 00:00:00 +0530 Sat, 30 Jan 2016 15:28:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178225 The ITAT ruled in favor of the assessee, holding that the penalties under section 271(1)(c) of the Income Tax Act for the assessment years 2003-04, 2004-05, and 2005-06 could not be sustained. The ITAT concluded that since the disclosed income was covered by the declaration made in the statement recorded under section 132(4) and the taxes were duly paid, the provisions of Explanation 5 applied. Therefore, the penalties were deleted, and the appeals of the assessee were allowed. Case-Laws Income Tax Fri, 24 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178225