https://www.taxtmi.com/caselaws?id=55254 The Tribunal held that no penalty could be levied under Explanation 5 to section 271(1)(c) as it does not apply to requisitions under section 132A. The assets requisitioned under section 132A were not considered assets found during a search under section 132. As the assessee had paid advance tax on the amount and included it in the income tax return, there was no concealment. The Tribunal directed the Assessing Officer to cancel the penalty, ruling in favor of the assessee. en-us Tue, 22 Aug 1995 00:00:00 +0530 Wed, 24 Nov 2010 18:43:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55254 The Tribunal held that no penalty could be levied under Explanation 5 to section 271(1)(c) as it does not apply to requisitions under section 132A. The assets requisitioned under section 132A were not considered assets found during a search under section 132. As the assessee had paid advance tax on the amount and included it in the income tax return, there was no concealment. The Tribunal directed the Assessing Officer to cancel the penalty, ruling in favor of the assessee. Case-Laws Income Tax Tue, 22 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55254