https://www.taxtmi.com/caselaws?id=69458 The Tribunal allowed the appeal of the assessee, holding that the levy of penalty under section 158BFA(2) was unwarranted. The Tribunal emphasized the discretionary nature of the penalty provision and considered the bona fide conduct of the assessee. The Tribunal referred to various judgments, including those of the Supreme Court and High Courts, to support its decision. Consequently, the appeal was allowed, and the penalty imposed was deleted. en-us Thu, 31 Jan 2008 00:00:00 +0530 Wed, 12 Jun 2013 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69458 The Tribunal allowed the appeal of the assessee, holding that the levy of penalty under section 158BFA(2) was unwarranted. The Tribunal emphasized the discretionary nature of the penalty provision and considered the bona fide conduct of the assessee. The Tribunal referred to various judgments, including those of the Supreme Court and High Courts, to support its decision. Consequently, the appeal was allowed, and the penalty imposed was deleted. Case-Laws Income Tax Thu, 31 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69458