https://www.taxtmi.com/caselaws?id=59203 The Tribunal ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 was not justified. The Tribunal found that the assessee fulfilled the conditions for immunity under Explanation 5, despite the Revenue's argument that the assets corresponding to the undisclosed income were not found during the search. The penalty of Rs. 2,68,050 imposed by the Commissioner (Appeals) was cancelled, and the assessee's appeal was allowed, while the Revenue's appeal was dismissed. en-us Mon, 28 Jan 2002 00:00:00 +0530 Fri, 25 Mar 2016 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59203 The Tribunal ruled in favor of the assessee, holding that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 was not justified. The Tribunal found that the assessee fulfilled the conditions for immunity under Explanation 5, despite the Revenue's argument that the assets corresponding to the undisclosed income were not found during the search. The penalty of Rs. 2,68,050 imposed by the Commissioner (Appeals) was cancelled, and the assessee's appeal was allowed, while the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 28 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59203