https://www.taxtmi.com/caselaws?id=57503 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed on the assessee under section 271(1)(c). It ruled that since the disputed amount was declared in the income tax return, there was no concealment of income. The Tribunal clarified that Explanation 5 to section 271(1)(c) did not apply in cases of requisitioning assets under section 132A, distinguishing between search and seizure proceedings under section 132. Consequently, the penalty was deemed unwarranted, and the department's appeal was dismissed. en-us Tue, 04 Jul 1995 00:00:00 +0530 Fri, 10 Dec 2010 15:15:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57503 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed on the assessee under section 271(1)(c). It ruled that since the disputed amount was declared in the income tax return, there was no concealment of income. The Tribunal clarified that Explanation 5 to section 271(1)(c) did not apply in cases of requisitioning assets under section 132A, distinguishing between search and seizure proceedings under section 132. Consequently, the penalty was deemed unwarranted, and the department's appeal was dismissed. Case-Laws Income Tax Tue, 04 Jul 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57503