https://www.taxtmi.com/caselaws?id=373492 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act on the appellant, despite no additional income being assessed post-search, based on incriminating material found during the search operation. The Tribunal's decision emphasized the importance of incriminating material in justifying penalties for concealed income, referencing Explanation 5A of the Act. The Tribunal's ruling dismissed the appeals, affirming the penalty imposition and concluding that no legal issues were raised. en-us Wed, 09 Jan 2019 00:00:00 +0530 Mon, 14 Jan 2019 07:35:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373492 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act on the appellant, despite no additional income being assessed post-search, based on incriminating material found during the search operation. The Tribunal's decision emphasized the importance of incriminating material in justifying penalties for concealed income, referencing Explanation 5A of the Act. The Tribunal's ruling dismissed the appeals, affirming the penalty imposition and concluding that no legal issues were raised. Case-Laws Income Tax Wed, 09 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373492