https://www.taxtmi.com/caselaws?id=55142 The Tribunal upheld the imposition of the penalty under Section 271(1)(c) of the IT Act, finding that the assessee deliberately omitted to disclose additional income in the original return, justifying the penalty. The penalty quantum was reduced to Rs. 33,052, equivalent to the tax sought to be evaded, based on seized material. The applicability of Explanation 5 to Section 271(1)(c) was upheld, rejecting the argument that no assets were found during the search. The voluntary nature of the income disclosure was refuted, and the initiation of penalty proceedings was remitted for further examination by the CIT(A). en-us Mon, 26 Nov 2001 00:00:00 +0530 Tue, 23 Nov 2010 18:18:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55142 The Tribunal upheld the imposition of the penalty under Section 271(1)(c) of the IT Act, finding that the assessee deliberately omitted to disclose additional income in the original return, justifying the penalty. The penalty quantum was reduced to Rs. 33,052, equivalent to the tax sought to be evaded, based on seized material. The applicability of Explanation 5 to Section 271(1)(c) was upheld, rejecting the argument that no assets were found during the search. The voluntary nature of the income disclosure was refuted, and the initiation of penalty proceedings was remitted for further examination by the CIT(A). Case-Laws Income Tax Mon, 26 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55142