2004 (1) TMI 26

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..... he assessee - Commissioner of Income-tax (Appeals) held that the assessee was entitled to immunity from the imposition of penalty read with the Explanations 1 and 5 to section 271 - assessee has made disclosure without any specific detection of concealed income and it is a well-settled law that if disclosure is made before detection of concealment, it may not attract penalty under section 271(1)(c .....

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..... was being made with a view to buy peace and subject to the condition that no penal provision would be invoked against the assessee. Looking to the circumstances of the case, the Commissioner of Income-tax (Appeals) held that the assessee was entitled to immunity from the imposition of penalty read with the Explanations 1 and 5 to section 271 of the Income-tax Act, 1961. The Commissioner of Income- .....

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