https://www.taxtmi.com/caselaws?id=187316 The Tribunal allowed the assessee's appeals, setting aside the penalty imposed under section 271(1)(c) for additional income declared in response to notice under section 153A. The Tribunal held that the income disclosed in response to the notice should be treated as duly disclosed, rejecting the imposition of penalty based on a search operation. The Tribunal also ruled that investments like KVPs, NSCs, and LIPs do not fall under the assets specified in Explanation 5 to section 271(1)(c) for the relevant period. The order was pronounced on 24/08/2012. en-us Fri, 24 Aug 2012 00:00:00 +0530 Tue, 18 Oct 2016 11:39:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187316 The Tribunal allowed the assessee's appeals, setting aside the penalty imposed under section 271(1)(c) for additional income declared in response to notice under section 153A. The Tribunal held that the income disclosed in response to the notice should be treated as duly disclosed, rejecting the imposition of penalty based on a search operation. The Tribunal also ruled that investments like KVPs, NSCs, and LIPs do not fall under the assets specified in Explanation 5 to section 271(1)(c) for the relevant period. The order was pronounced on 24/08/2012. Case-Laws Income Tax Fri, 24 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187316