https://www.taxtmi.com/caselaws?id=183962 The Tribunal allowed the appellant's appeal, ruling in favor of the appellant and setting aside the penalty imposed under section 271(1)(c) for the assessment year 2007-08. The penalty under Explanation 5A was deemed inapplicable as the due date for filing the return of income had not expired at the time of the search, emphasizing that the penalty can only be invoked if assets or income found during the search were acquired before the due date for filing the return. en-us Wed, 28 Aug 2013 00:00:00 +0530 Thu, 08 Dec 2016 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183962 The Tribunal allowed the appellant's appeal, ruling in favor of the appellant and setting aside the penalty imposed under section 271(1)(c) for the assessment year 2007-08. The penalty under Explanation 5A was deemed inapplicable as the due date for filing the return of income had not expired at the time of the search, emphasizing that the penalty can only be invoked if assets or income found during the search were acquired before the due date for filing the return. Case-Laws Income Tax Wed, 28 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183962