https://www.taxtmi.com/caselaws?id=364911 The High Court upheld the decision of the Income Tax Appellate Tribunal to delete the penalty imposed under Section 271(1)(c) for undisclosed income related to property purchase. The court found that the assessee was entitled to immunity under Explanation 5 as the unaccounted investment in the property purchase was related to immovable property, which Explanation 5 does not cover. The court also considered the assessee's cooperation and provision of information without relevant questions from the Department. As no substantial question of law arose, the penalty deletion was affirmed, and the tax case appeal was dismissed without costs. en-us Mon, 23 Jul 2018 00:00:00 +0530 Tue, 07 Aug 2018 08:38:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364911 The High Court upheld the decision of the Income Tax Appellate Tribunal to delete the penalty imposed under Section 271(1)(c) for undisclosed income related to property purchase. The court found that the assessee was entitled to immunity under Explanation 5 as the unaccounted investment in the property purchase was related to immovable property, which Explanation 5 does not cover. The court also considered the assessee's cooperation and provision of information without relevant questions from the Department. As no substantial question of law arose, the penalty deletion was affirmed, and the tax case appeal was dismissed without costs. Case-Laws Income Tax Mon, 23 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364911