https://www.taxtmi.com/caselaws?id=59567 The Tribunal canceled the penalty under section 271(1)(c) for the assessment year 1992-93 as the assessee voluntarily declared additional income following a search action, meeting the conditions of Explanation 5. The Tribunal found no concealment or inaccurate particulars of income, as the assessee proactively disclosed the additional income and sought to pay the tax through auctioning seized items. Consequently, the appeal of the assessee against the penalty levied was allowed. en-us Tue, 08 Apr 2008 00:00:00 +0530 Thu, 30 Dec 2010 17:04:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59567 The Tribunal canceled the penalty under section 271(1)(c) for the assessment year 1992-93 as the assessee voluntarily declared additional income following a search action, meeting the conditions of Explanation 5. The Tribunal found no concealment or inaccurate particulars of income, as the assessee proactively disclosed the additional income and sought to pay the tax through auctioning seized items. Consequently, the appeal of the assessee against the penalty levied was allowed. Case-Laws Income Tax Tue, 08 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59567