https://www.taxtmi.com/caselaws?id=337908 The Tribunal allowed the appeals of the assessee and deleted the penalties imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment years 2001-02 to 2007-08. The penalties were annulled as Explanation-5, which pertains to assets like money, bullion, or jewelry found during search operations, was deemed inapplicable since the concealment was based on entries in kaccha books without the discovery of such assets. The order was pronounced on 16th January 2017 at Ahmedabad. en-us Mon, 16 Jan 2017 00:00:00 +0530 Wed, 18 Jan 2017 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337908 The Tribunal allowed the appeals of the assessee and deleted the penalties imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment years 2001-02 to 2007-08. The penalties were annulled as Explanation-5, which pertains to assets like money, bullion, or jewelry found during search operations, was deemed inapplicable since the concealment was based on entries in kaccha books without the discovery of such assets. The order was pronounced on 16th January 2017 at Ahmedabad. Case-Laws Income Tax Mon, 16 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337908