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

Please become a Premium member. If you are already a Premium member, login here to access the full content.