https://www.taxtmi.com/caselaws?id=55351 The Tribunal canceled penalties imposed under section 271(1)(c) on additional income disclosed during a search under section 132 for two assessment years. The immunity under Explanation 5 to section 271(1)(c) applied to both furnished and yet-to-be-furnished returns, granting immunity for disclosed income. Penalties were canceled for differences in deductions due to withdrawal of claims in the original return. The Tribunal held that the voluntary nature of disclosure during the search was irrelevant for penalty imposition. The appeals of the assessee were allowed, and those of the Revenue were dismissed. en-us Mon, 27 Sep 1999 00:00:00 +0530 Sun, 06 Feb 2011 02:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55351 The Tribunal canceled penalties imposed under section 271(1)(c) on additional income disclosed during a search under section 132 for two assessment years. The immunity under Explanation 5 to section 271(1)(c) applied to both furnished and yet-to-be-furnished returns, granting immunity for disclosed income. Penalties were canceled for differences in deductions due to withdrawal of claims in the original return. The Tribunal held that the voluntary nature of disclosure during the search was irrelevant for penalty imposition. The appeals of the assessee were allowed, and those of the Revenue were dismissed. Case-Laws Income Tax Mon, 27 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55351