https://www.taxtmi.com/caselaws?id=185412 The ITAT Ahmedabad canceled the penalty of &8377;78,750 imposed under section 271(1)(c) for undisclosed income detected during a search in the Soham Group cases. The tribunal held that since there was no finding of inaccurate particulars or concealment in the return filed in response to the notice under section 153A, the penalty could not be levied. This decision underscores the necessity of accurate disclosure in returns filed following search notices under section 153A and clarifies that unsubstantiated claims do not constitute inaccurate particulars for penalty purposes. en-us Fri, 13 Jan 2012 00:00:00 +0530 Thu, 11 Aug 2016 18:03:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185412 The ITAT Ahmedabad canceled the penalty of &8377;78,750 imposed under section 271(1)(c) for undisclosed income detected during a search in the Soham Group cases. The tribunal held that since there was no finding of inaccurate particulars or concealment in the return filed in response to the notice under section 153A, the penalty could not be levied. This decision underscores the necessity of accurate disclosure in returns filed following search notices under section 153A and clarifies that unsubstantiated claims do not constitute inaccurate particulars for penalty purposes. Case-Laws Income Tax Fri, 13 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185412