https://www.taxtmi.com/caselaws?id=3682 The court upheld the assessee's entitlement to immunity from penalty under Explanation 5 to Section 271(1)(c) of the Income-tax Act, despite the undisclosed income being spread over multiple assessment years. The court emphasized that compliance with the conditions of the provision, including disclosure of income, payment of taxes and interest, and specifying the income's derivation manner, was sufficient to maintain immunity. The appeals were decided in favor of the assessee, and the Tribunal's orders were upheld, resulting in the dismissal of both appeals. en-us Thu, 13 Dec 2007 00:00:00 +0530 Sun, 27 Jul 2008 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3682 The court upheld the assessee's entitlement to immunity from penalty under Explanation 5 to Section 271(1)(c) of the Income-tax Act, despite the undisclosed income being spread over multiple assessment years. The court emphasized that compliance with the conditions of the provision, including disclosure of income, payment of taxes and interest, and specifying the income's derivation manner, was sufficient to maintain immunity. The appeals were decided in favor of the assessee, and the Tribunal's orders were upheld, resulting in the dismissal of both appeals. Case-Laws Income Tax Thu, 13 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3682