https://www.taxtmi.com/caselaws?id=401647 The Tribunal held that Explanation 5 to Section 271(1)(c) does not apply to requisitions under Section 132A. The penalty imposed under Section 271(1)(c) was deemed unjustified as the assessee had declared the income in the original return filed under Section 139(1), indicating no concealment or furnishing of inaccurate particulars. Consequently, the appeal was allowed, and the penalty was directed to be deleted. en-us Wed, 09 Dec 2020 00:00:00 +0530 Sat, 12 Dec 2020 18:00:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401647 The Tribunal held that Explanation 5 to Section 271(1)(c) does not apply to requisitions under Section 132A. The penalty imposed under Section 271(1)(c) was deemed unjustified as the assessee had declared the income in the original return filed under Section 139(1), indicating no concealment or furnishing of inaccurate particulars. Consequently, the appeal was allowed, and the penalty was directed to be deleted. Case-Laws Income Tax Wed, 09 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401647