https://www.taxtmi.com/caselaws?id=276011 The Tribunal upheld penalties under section 271(1)(c) for concealment of income, dismissing the assessee's appeals against CIT(A)'s orders. The revised computation was not considered as income declared under section 132(4), leading to penalty proceedings. The Tribunal found that the assessee failed to disclose correct incomes initially, and immunity under Explanation 5 to Section 271(1)(c) was not applicable in cases where returns were filed after search and seizure proceedings. Consequently, the penalties were deemed justified, affirming the decisions of the A.O. and CIT(A). en-us Fri, 15 Jul 2011 00:00:00 +0530 Thu, 25 Oct 2018 13:04:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276011 The Tribunal upheld penalties under section 271(1)(c) for concealment of income, dismissing the assessee's appeals against CIT(A)'s orders. The revised computation was not considered as income declared under section 132(4), leading to penalty proceedings. The Tribunal found that the assessee failed to disclose correct incomes initially, and immunity under Explanation 5 to Section 271(1)(c) was not applicable in cases where returns were filed after search and seizure proceedings. Consequently, the penalties were deemed justified, affirming the decisions of the A.O. and CIT(A). Case-Laws Income Tax Fri, 15 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276011