https://www.taxtmi.com/caselaws?id=326092 The Tribunal allowed the appeals of the assessee, canceling the penalties imposed by the Assessing Officer under section 271(1)(c) for all four years under consideration. The decision was based on the lack of discernible satisfaction for initiating penalty proceedings, the voluntary nature of the income disclosure, and the applicability of immunity under Clause 2 of Explanation 5 to section 271(1)(c). en-us Wed, 24 Feb 2016 00:00:00 +0530 Tue, 05 Apr 2016 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326092 The Tribunal allowed the appeals of the assessee, canceling the penalties imposed by the Assessing Officer under section 271(1)(c) for all four years under consideration. The decision was based on the lack of discernible satisfaction for initiating penalty proceedings, the voluntary nature of the income disclosure, and the applicability of immunity under Clause 2 of Explanation 5 to section 271(1)(c). Case-Laws Income Tax Wed, 24 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326092