https://www.taxtmi.com/caselaws?id=283351 The Tribunal allowed the Assessee's appeals, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2003-04 and 2004-05. The penalty was imposed for furnishing inaccurate particulars of income, despite no incriminating material found during the search and the returned income matching the assessed income. The Tribunal emphasized the independence of penalty and assessment proceedings, ruling out the applicability of penalty under Explanation 5A due to the absence of differences in declared and assessed income. en-us Wed, 16 Dec 2015 00:00:00 +0530 Fri, 20 Sep 2019 12:46:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283351 The Tribunal allowed the Assessee's appeals, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2003-04 and 2004-05. The penalty was imposed for furnishing inaccurate particulars of income, despite no incriminating material found during the search and the returned income matching the assessed income. The Tribunal emphasized the independence of penalty and assessment proceedings, ruling out the applicability of penalty under Explanation 5A due to the absence of differences in declared and assessed income. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283351