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2007 (12) TMI 46 - HC - Income Tax
Undisclosed income found during search for the assessment year 1987-88 but has spread over the same for five years – Whether Tribunal was right in holding that the assessee was entitled to claim the benefit of immunity from levy of penalty under Explanation 5 to section 271(1) (c) – assessment had become final & weren’t the subject-matter of challenge – so tribunal’s decision is right.