https://www.taxtmi.com/caselaws?id=10686 HC upheld the Tribunal's finding that the conditions of Explanation 5(2) to s.271(1)(c) were satisfied and no penalty under s.271(1)(c) was leviable. The court held that a statement under s.132(4) surrendering undisclosed income, accompanied by disclosure and payment of tax and interest, falls within the exception even if the exact manner of derivation was not initially recorded unless specifically asked; subsequent specification suffices. The Tribunal's order disallowing penalty was affirmed. en-us Thu, 21 Apr 2005 00:00:00 +0530 Mon, 22 Sep 2025 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10686 HC upheld the Tribunal's finding that the conditions of Explanation 5(2) to s.271(1)(c) were satisfied and no penalty under s.271(1)(c) was leviable. The court held that a statement under s.132(4) surrendering undisclosed income, accompanied by disclosure and payment of tax and interest, falls within the exception even if the exact manner of derivation was not initially recorded unless specifically asked; subsequent specification suffices. The Tribunal's order disallowing penalty was affirmed. Case-Laws Income Tax Thu, 21 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10686