https://www.taxtmi.com/caselaws?id=379229 The High Court granted the Assessee immunity from penalty under Explanation 5(2) of Section 271(1)(c) of the Income Tax Act, 1961, as they met the conditions of disclosing undisclosed income during a search, specifying the manner of earning, and paying taxes with interest. Additionally, the Court upheld the deletion of the penalty on agricultural income treated as "Income from Other Sources," ruling that the penalty requires clear evidence of concealment or furnishing inaccurate particulars, which was lacking in this case. The Revenue's appeals were dismissed. en-us Wed, 10 Apr 2019 00:00:00 +0530 Mon, 05 Aug 2019 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379229 The High Court granted the Assessee immunity from penalty under Explanation 5(2) of Section 271(1)(c) of the Income Tax Act, 1961, as they met the conditions of disclosing undisclosed income during a search, specifying the manner of earning, and paying taxes with interest. Additionally, the Court upheld the deletion of the penalty on agricultural income treated as "Income from Other Sources," ruling that the penalty requires clear evidence of concealment or furnishing inaccurate particulars, which was lacking in this case. The Revenue's appeals were dismissed. Case-Laws Income Tax Wed, 10 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379229