https://www.taxtmi.com/caselaws?id=11545 The Tribunal upheld the deletion of a penalty under section 271(1)(c) of the Income-tax Act, 1961, in a case where the surrender of undisclosed income occurred on the day of the search, falling within the immunity provision of Explanation 5. The court emphasized the importance of timing and specific conditions for immunity from penalties, noting consistency in penalty treatment among similar cases. The appeal by the Revenue was dismissed as the surrender met the requirements for immunity, and no substantial legal question arose from the Tribunal's decision. en-us Thu, 16 Jan 2003 00:00:00 +0530 Fri, 15 Jan 2010 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11545 The Tribunal upheld the deletion of a penalty under section 271(1)(c) of the Income-tax Act, 1961, in a case where the surrender of undisclosed income occurred on the day of the search, falling within the immunity provision of Explanation 5. The court emphasized the importance of timing and specific conditions for immunity from penalties, noting consistency in penalty treatment among similar cases. The appeal by the Revenue was dismissed as the surrender met the requirements for immunity, and no substantial legal question arose from the Tribunal's decision. Case-Laws Income Tax Thu, 16 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11545