https://www.taxtmi.com/caselaws?id=191666 The penalties levied under section 271(1)(c) for Assessment Years 2002-03 and 2003-04 were challenged by the assessee. The penalties were related to additional income declared post-search, including unexplained credits and fictitious gifts. The appellate tribunal found that the penalties were not justified as the income declared in response to notice under section 153A was not based on any items found during the search. Consequently, the penalties for both years were deleted, and the appeals of the assessee were allowed. en-us Wed, 29 Aug 2012 00:00:00 +0530 Wed, 12 Apr 2017 17:26:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191666 The penalties levied under section 271(1)(c) for Assessment Years 2002-03 and 2003-04 were challenged by the assessee. The penalties were related to additional income declared post-search, including unexplained credits and fictitious gifts. The appellate tribunal found that the penalties were not justified as the income declared in response to notice under section 153A was not based on any items found during the search. Consequently, the penalties for both years were deleted, and the appeals of the assessee were allowed. Case-Laws Income Tax Wed, 29 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191666