https://www.taxtmi.com/caselaws?id=305723 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 86,91,502/- imposed under Explanation 5A to Section 271(1)(c) of the Income Tax Act. The Tribunal found that the penalty was not justified as no incriminating material was discovered during the search, and the additional income surrendered was solely based on the assessee's statement without corroborating evidence. The decision emphasized the necessity of supporting material in penalty proceedings and clarified that mere declarations without incriminating material do not warrant penalties for concealment of income. en-us Fri, 22 Mar 2019 00:00:00 +0530 Thu, 22 Dec 2022 08:45:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305723 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 86,91,502/- imposed under Explanation 5A to Section 271(1)(c) of the Income Tax Act. The Tribunal found that the penalty was not justified as no incriminating material was discovered during the search, and the additional income surrendered was solely based on the assessee's statement without corroborating evidence. The decision emphasized the necessity of supporting material in penalty proceedings and clarified that mere declarations without incriminating material do not warrant penalties for concealment of income. Case-Laws Income Tax Fri, 22 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305723