https://www.taxtmi.com/caselaws?id=333570 The Tribunal ruled in favor of the assessee, holding that if undisclosed income is admitted during a search operation and declared in the return filed under section 153A of the Income Tax Act, with taxes paid and accepted by the Assessing Officer, no penalty under section 271(1)(c) can be imposed. The penalty imposed by the Assessing Officer and upheld by the CIT(A) was deemed incorrect, and the penalty was deleted, allowing the assessee's appeal. The importance of disclosing undisclosed income during search operations and offering it in the return to avoid penalties was emphasized. en-us Fri, 14 Oct 2016 00:00:00 +0530 Tue, 18 Oct 2016 10:05:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333570 The Tribunal ruled in favor of the assessee, holding that if undisclosed income is admitted during a search operation and declared in the return filed under section 153A of the Income Tax Act, with taxes paid and accepted by the Assessing Officer, no penalty under section 271(1)(c) can be imposed. The penalty imposed by the Assessing Officer and upheld by the CIT(A) was deemed incorrect, and the penalty was deleted, allowing the assessee's appeal. The importance of disclosing undisclosed income during search operations and offering it in the return to avoid penalties was emphasized. Case-Laws Income Tax Fri, 14 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333570