https://www.taxtmi.com/caselaws?id=381582 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, emphasizing that the conditions for invoking Explanation 5A were not met. The Tribunal stressed the importance of specific findings by the AO regarding ownership of undisclosed income based on incriminating material found during the search. It also highlighted the necessity of specifying the exact charge in penalty notices and the requirement for the AO to apply their mind before levying penalties. As a result, the appeals filed by the Revenue were dismissed. en-us Fri, 07 Jun 2019 00:00:00 +0530 Thu, 13 Jun 2019 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381582 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, emphasizing that the conditions for invoking Explanation 5A were not met. The Tribunal stressed the importance of specific findings by the AO regarding ownership of undisclosed income based on incriminating material found during the search. It also highlighted the necessity of specifying the exact charge in penalty notices and the requirement for the AO to apply their mind before levying penalties. As a result, the appeals filed by the Revenue were dismissed. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381582