https://www.taxtmi.com/caselaws?id=178424 The penalties imposed under section 271(1)(c) on additional income offered by the appellant in response to notice under section 153A for Assessment Years 2005-06 and 2006-07 were deleted by the Tribunal in both appeals. The Tribunal held that if the return of income filed under section 153A is accepted, there is no concealment of income, and therefore, penalties cannot be imposed based on entries in seized documents. The penalties were deleted based on this reasoning, interpreting Explanation 5 of section 271(1) and considering the applicability of penalty provisions in search assessment cases. en-us Thu, 24 Jan 2013 00:00:00 +0530 Thu, 04 Feb 2016 14:40:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178424 The penalties imposed under section 271(1)(c) on additional income offered by the appellant in response to notice under section 153A for Assessment Years 2005-06 and 2006-07 were deleted by the Tribunal in both appeals. The Tribunal held that if the return of income filed under section 153A is accepted, there is no concealment of income, and therefore, penalties cannot be imposed based on entries in seized documents. The penalties were deleted based on this reasoning, interpreting Explanation 5 of section 271(1) and considering the applicability of penalty provisions in search assessment cases. Case-Laws Income Tax Thu, 24 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178424