https://www.taxtmi.com/caselaws?id=189282 The Tribunal upheld the deletion of the penalty on the gifts received by the assessee, as they were disclosed in the returns and revised returns were filed to avoid litigation. However, the penalty on the commission paid for arranging the gifts was confirmed as it was not covered by Explanation 5 to Section 271(1)(c). The appeals were partly allowed. en-us Thu, 13 Dec 2007 00:00:00 +0530 Wed, 04 Jan 2017 15:56:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189282 The Tribunal upheld the deletion of the penalty on the gifts received by the assessee, as they were disclosed in the returns and revised returns were filed to avoid litigation. However, the penalty on the commission paid for arranging the gifts was confirmed as it was not covered by Explanation 5 to Section 271(1)(c). The appeals were partly allowed. Case-Laws Income Tax Thu, 13 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189282