https://www.taxtmi.com/caselaws?id=279150 The Tribunal allowed the appeals, deleting penalties imposed under Section 271(1)(c) for the Assessment Years 2003-04 to 2006-07. It held that the penalties were not justified as the additional income declared under Section 153A was not represented by undisclosed assets, and the explanation for unexplained investments was deemed plausible and bonafide. The Tribunal emphasized that penalties cannot be sustained without undisclosed assets as specified in Explanation-5. en-us Thu, 13 Apr 2017 00:00:00 +0530 Wed, 06 Mar 2019 06:32:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279150 The Tribunal allowed the appeals, deleting penalties imposed under Section 271(1)(c) for the Assessment Years 2003-04 to 2006-07. It held that the penalties were not justified as the additional income declared under Section 153A was not represented by undisclosed assets, and the explanation for unexplained investments was deemed plausible and bonafide. The Tribunal emphasized that penalties cannot be sustained without undisclosed assets as specified in Explanation-5. Case-Laws Income Tax Thu, 13 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279150