https://www.taxtmi.com/caselaws?id=55075 The Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) of the Income-tax Act, noting that the penalty initiation was based on an incorrect premise and lacked the required satisfaction. It was held that Explanation 5 could not be applied retrospectively to the case, and the assessee's actions, such as advance tax payment and disclosure note in the return, demonstrated an intention to disclose income. Consequently, the Revenue's appeal was dismissed. en-us Thu, 25 May 2000 00:00:00 +0530 Tue, 23 Nov 2010 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55075 The Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c) of the Income-tax Act, noting that the penalty initiation was based on an incorrect premise and lacked the required satisfaction. It was held that Explanation 5 could not be applied retrospectively to the case, and the assessee's actions, such as advance tax payment and disclosure note in the return, demonstrated an intention to disclose income. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 25 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55075