https://www.taxtmi.com/caselaws?id=378171 The Tribunal allowed all the appeals and deleted the penalties imposed under section 271(1)(c). The decision emphasized the necessity for concrete evidence linking undisclosed income to assets found during the search to justify penalties under Explanation 5A. Assumptions and presumptions were deemed insufficient in penalty proceedings. All appeals of the assessees were allowed, and the penalties were deleted. en-us Mon, 08 Apr 2019 00:00:00 +0530 Tue, 09 Apr 2019 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378171 The Tribunal allowed all the appeals and deleted the penalties imposed under section 271(1)(c). The decision emphasized the necessity for concrete evidence linking undisclosed income to assets found during the search to justify penalties under Explanation 5A. Assumptions and presumptions were deemed insufficient in penalty proceedings. All appeals of the assessees were allowed, and the penalties were deleted. Case-Laws Income Tax Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378171