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Case Law Details

Case Name : Mukesh D. Manglani Vs ACIT (ITAT Ahmedabad)
Related Assessment Year : 2011-12
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Mukesh D. Manglani Vs ACIT (ITAT Ahmedabad)

The penalty in the case on hand was levied under explanation 5A of section 271(1)(c) of the Income Tax Act, 1961.

A plain reading of the provisions reveals that the penalty shall be levied if the assessee in the course of such initiated under section 132 of the Act was found to be the owner of any money, bullion, jewellery or other valuable article or there is some income based on the entry in the books of accounts/documents. Then, it shall be pr

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