https://www.taxtmi.com/caselaws?id=187241 The Appellate Tribunal set aside the penalty imposed under section 271(1)(c) on the assessee for alleged concealment and furnishing of inaccurate particulars of income related to on-money receipts declared post a search. The Tribunal ruled in favor of the assessee, noting that the on-money receipts were disclosed in the return filed after the search and accepted during assessment, thus not warranting a penalty. The decision was based on the High Court's interpretation that no penalty is leviable if no addition is made post a search in the return. The penalty was ultimately deleted, and the assessee's appeal was allowed. en-us Tue, 09 Jun 2015 00:00:00 +0530 Sat, 15 Oct 2016 10:58:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187241 The Appellate Tribunal set aside the penalty imposed under section 271(1)(c) on the assessee for alleged concealment and furnishing of inaccurate particulars of income related to on-money receipts declared post a search. The Tribunal ruled in favor of the assessee, noting that the on-money receipts were disclosed in the return filed after the search and accepted during assessment, thus not warranting a penalty. The decision was based on the High Court's interpretation that no penalty is leviable if no addition is made post a search in the return. The penalty was ultimately deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 09 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187241