https://www.taxtmi.com/caselaws?id=11283 The High Court of MADRAS upheld the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) read with Explanation 5 for failing to file income tax returns before the due date. The court clarified that if an assessee discloses undisclosed income for previous years during a search, pays the due tax and interest, the penalty is not applicable. This ruling emphasized the importance of timely disclosure and payment of taxes, providing immunity from penalty in specific circumstances related to undisclosed income. en-us Tue, 09 Dec 2003 00:00:00 +0530 Tue, 04 Aug 2009 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11283 The High Court of MADRAS upheld the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) read with Explanation 5 for failing to file income tax returns before the due date. The court clarified that if an assessee discloses undisclosed income for previous years during a search, pays the due tax and interest, the penalty is not applicable. This ruling emphasized the importance of timely disclosure and payment of taxes, providing immunity from penalty in specific circumstances related to undisclosed income. Case-Laws Income Tax Tue, 09 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11283