Penalty sustainable on income not disclosed in Original return but disclosed in return filed after search

Where assessee has filed returns after search and has not disclosed income in original return, Explanation 5 to section 271(1)(c) cannot give immunity to assessee.  ITAT, `A’ BENCH, MUMBAI, Ajit B. Zota Vs. ACIT  ITA No. 7325/Mum/2008 Date- July 16, 2010 ORDER Per B. Ramakotaiah, A.M. This appeal by the assessee is against the order of the CIT(A)- VI, Mumbai dated 19.11.2008 confirming the penalty under section 271(1)(c) of Rs. 12,60,000/- levied by the A.O. 2. Assessee has raised the following 7 grounds : – “1. The Ld. CIT(A) erred in confirming the penalty o...