https://www.taxtmi.com/caselaws?id=773960 The Tribunal set aside penalty under section 271(1)(c) imposed on the appellant for concealment of income. The appellant disclosed additional income during proceedings under section 153C following search and seizure at a third party (Malabar Group). The Tribunal held that mere disclosure of additional income after third-party search does not establish concealment. The AO failed to demonstrate nexus between seized material and appellant's undisclosed income or provide adequate opportunity for explanation. The matter was remitted to CIT(A) for fresh consideration after proper examination of evidence and affording reasonable hearing opportunity to the appellant. en-us Fri, 30 May 2025 00:00:00 +0530 Tue, 01 Jul 2025 08:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773960 The Tribunal set aside penalty under section 271(1)(c) imposed on the appellant for concealment of income. The appellant disclosed additional income during proceedings under section 153C following search and seizure at a third party (Malabar Group). The Tribunal held that mere disclosure of additional income after third-party search does not establish concealment. The AO failed to demonstrate nexus between seized material and appellant's undisclosed income or provide adequate opportunity for explanation. The matter was remitted to CIT(A) for fresh consideration after proper examination of evidence and affording reasonable hearing opportunity to the appellant. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773960