https://www.taxtmi.com/highlights?id=75144 Penalty u/sec. 271(1)(c) - income disclosed in search action - Ex-parte order - The Tribunal observed that the assessee admitted to suppressed receipts, which were disclosed only after a search action and subsequent to the statement recorded under Section 132(4) of the Act. - The disclosure of suppressed receipts in the return filed under Section 153A of the Act did not absolve the assessee from penalty, as per legal precedent. en-us Fri, 23 Feb 2024 08:23:59 +0530 Fri, 23 Feb 2024 07:41:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75144 Penalty u/sec. 271(1)(c) - income disclosed in search action - Ex-parte order - The Tribunal observed that the assessee admitted to suppressed receipts, which were disclosed only after a search action and subsequent to the statement recorded under Section 132(4) of the Act. - The disclosure of suppressed receipts in the return filed under Section 153A of the Act did not absolve the assessee from penalty, as per legal precedent. Highlights Income Tax Fri, 23 Feb 2024 08:23:59 +0530 https://www.taxtmi.com/highlights?id=75144