https://www.taxtmi.com/caselaws?id=357880 The Tribunal upheld penalties under section 271(1)(c) for an individual assessee based on concealed income found post-search. The application of Explanation 5A was deemed appropriate as income was declared only after the search, supported by seized documents. However, penalties for partnership firms were overturned due to incorrect initiation of proceedings under section 148 instead of section 153C, which specifically applies to assessments from documents found during a search on another person. Consequently, penalties for the firms were deemed invalid, differing from the upheld penalties for the individual assessee. en-us Tue, 27 Mar 2018 00:00:00 +0530 Sat, 31 Mar 2018 07:19:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357880 The Tribunal upheld penalties under section 271(1)(c) for an individual assessee based on concealed income found post-search. The application of Explanation 5A was deemed appropriate as income was declared only after the search, supported by seized documents. However, penalties for partnership firms were overturned due to incorrect initiation of proceedings under section 148 instead of section 153C, which specifically applies to assessments from documents found during a search on another person. Consequently, penalties for the firms were deemed invalid, differing from the upheld penalties for the individual assessee. Case-Laws Income Tax Tue, 27 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357880