Penalty U/s. 271(1)(c) on Disclosure of income due to search operation 

Brijesh Jaikishin Rupani Vs ITO (ITAT Mumbai) ITAT Mumbai held that The income offered by assessee in income filed pursuant to issue of notice under section 153A was the income detected during the course of search and seizure operation. The case of assessee was squarely covered by provisions of Explanation 5A to section 271(1)(c), because assessee would not have disclosed the income in respect of undisclosed income if no search operation was conducted and the amounts shown by assessee were not part of his regular income. Therefore, imposition of penalty was justified. FULL TEXT OF THE ITAT JUD...