https://www.taxtmi.com/caselaws?id=365176 The Tribunal reinstated the penalty under Section 271(1)(c) for the assessee as the income was detected during the search and not voluntarily disclosed before. The Tribunal found Explanation 5A applicable, deeming the assessee to have concealed income. Relying on the jurisdictional High Court decision, the Tribunal held that filing returns after detection does not absolve from penalty. Consequently, the Tribunal allowed the Revenue's appeals, upholding the penalty imposed by the Assessing Officer for the relevant assessment years. en-us Thu, 02 Aug 2018 00:00:00 +0530 Sat, 11 Aug 2018 08:30:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365176 The Tribunal reinstated the penalty under Section 271(1)(c) for the assessee as the income was detected during the search and not voluntarily disclosed before. The Tribunal found Explanation 5A applicable, deeming the assessee to have concealed income. Relying on the jurisdictional High Court decision, the Tribunal held that filing returns after detection does not absolve from penalty. Consequently, the Tribunal allowed the Revenue's appeals, upholding the penalty imposed by the Assessing Officer for the relevant assessment years. Case-Laws Income Tax Thu, 02 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365176