Dismissing the appeal of assessee, Court held that by virtue of Explanation 5A to S.271(1)(c) of the Act, where any income based on any entry in books, documents, transactions, statements recorded, etc is found and it represents assessee’s income as claimed by him, then, penalty is leviable in view of Expln. 5A of S.271(1)(c) of the Act, notwithstanding that no further additional income has been assessed in the assessment under S.153A of the Act. (ITA Nos. 1081, 1090, 1092 , 1292 of 2016 dt.09-01-2019) (AY. 2005-06 to 2008-09)
Dr. Nitin Laxmikant Lad. v. ACIT (2019) 307 CTR 213 / 174 DTR 341 (Bom.)(HC)
S. 271(1)(c) : Penalty–Concealment-Explanation 5A-Disclosure of additional income in the statements and in return filed under S. 153A-Notwithstanding that the income declared in the return fled for the period under consideration is accepted – Liable to penalty. [S.153A]