https://www.taxtmi.com/caselaws?id=386595 The Tribunal, after considering the absence of incriminating material during the search, the bonafide belief of the assessee regarding taxation of interest on Fixed Deposit Receipts (FDRs), and legal provisions under Section 271(1)(c) and Explanation 5A, deleted the penalties for all six assessment years. The Tribunal emphasized that the assessee's voluntary declaration of additional income did not constitute concealment or furnishing inaccurate particulars of income, and that the deeming fiction under Explanation 5A did not apply due to the lack of incriminating material. en-us Mon, 30 Sep 2019 00:00:00 +0530 Thu, 03 Oct 2019 07:54:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386595 The Tribunal, after considering the absence of incriminating material during the search, the bonafide belief of the assessee regarding taxation of interest on Fixed Deposit Receipts (FDRs), and legal provisions under Section 271(1)(c) and Explanation 5A, deleted the penalties for all six assessment years. The Tribunal emphasized that the assessee's voluntary declaration of additional income did not constitute concealment or furnishing inaccurate particulars of income, and that the deeming fiction under Explanation 5A did not apply due to the lack of incriminating material. Case-Laws Income Tax Mon, 30 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386595