https://www.taxtmi.com/caselaws?id=777503 ITAT KOLKATA - AT held that penalty under s.271(1)(c) was not sustainable where the assessee made a voluntary disclosure during a search, no incriminating documents, unrecorded money, bullion, jewellery or books entries were seized, and the contemporaneous statement was later retracted with the retraction affidavit accepted by the AO. Explanation 5A to s.271(1)(c) was therefore inapplicable and the penalty was deleted, the appeal decided in favour of the assessee. en-us Thu, 28 Aug 2025 00:00:00 +0530 Sat, 30 Aug 2025 08:31:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777503 ITAT KOLKATA - AT held that penalty under s.271(1)(c) was not sustainable where the assessee made a voluntary disclosure during a search, no incriminating documents, unrecorded money, bullion, jewellery or books entries were seized, and the contemporaneous statement was later retracted with the retraction affidavit accepted by the AO. Explanation 5A to s.271(1)(c) was therefore inapplicable and the penalty was deleted, the appeal decided in favour of the assessee. Case-Laws Income Tax Thu, 28 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777503