https://www.taxtmi.com/caselaws?id=55090 The Tribunal allowed the assessee's appeal, canceling the penalty under Section 271(1)(c) for certain items including investment in Maruti and jewelry, citing disclosure and immunity under Explanation 5. The Tribunal upheld the exclusion of additions related to Maruti, Vespa scooter, and jewelry, stating they were not assessable in the current year. Additionally, the Tribunal supported the CIT(A)'s decision to delete the penalty under Section 154, finding no justification for it. The Department's appeals were dismissed, affirming the favorable outcome for the assessee in ITA No. 2707/All/1991. en-us Wed, 31 Jan 2001 00:00:00 +0530 Tue, 23 Nov 2010 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55090 The Tribunal allowed the assessee's appeal, canceling the penalty under Section 271(1)(c) for certain items including investment in Maruti and jewelry, citing disclosure and immunity under Explanation 5. The Tribunal upheld the exclusion of additions related to Maruti, Vespa scooter, and jewelry, stating they were not assessable in the current year. Additionally, the Tribunal supported the CIT(A)'s decision to delete the penalty under Section 154, finding no justification for it. The Department's appeals were dismissed, affirming the favorable outcome for the assessee in ITA No. 2707/All/1991. Case-Laws Income Tax Wed, 31 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55090