https://www.taxtmi.com/caselaws?id=197230 The Tribunal ruled in favor of the assessee, concluding that no penalty under section 271(1)(c) was leviable. The additional income offered during the survey did not attract Explanation 5, and the absence of recorded satisfaction by the Assessing Officer invalidated the penalty proceedings. Consequently, both appeals of the assessee were allowed. en-us Fri, 13 Jan 2017 00:00:00 +0530 Mon, 01 Jan 2018 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197230 The Tribunal ruled in favor of the assessee, concluding that no penalty under section 271(1)(c) was leviable. The additional income offered during the survey did not attract Explanation 5, and the absence of recorded satisfaction by the Assessing Officer invalidated the penalty proceedings. Consequently, both appeals of the assessee were allowed. Case-Laws Income Tax Fri, 13 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197230