https://www.taxtmi.com/caselaws?id=204784 The Tribunal upheld the penalty under section 158BFA(2) of the Income-tax Act, 1961, due to the assessee's failure to disclose the correct income in the block return and the unsuccessful retraction of the statement made under section 132(4). The penalty of Rs. 7,51,200 was confirmed, as the undisclosed income exceeded the declared income. The Tribunal rejected the assessee's arguments citing judicial precedents, distinguishing them based on the specific facts of the case. The appeal was dismissed, affirming the imposition of the penalty. en-us Thu, 04 Mar 2010 00:00:00 +0530 Mon, 01 Aug 2011 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204784 The Tribunal upheld the penalty under section 158BFA(2) of the Income-tax Act, 1961, due to the assessee's failure to disclose the correct income in the block return and the unsuccessful retraction of the statement made under section 132(4). The penalty of Rs. 7,51,200 was confirmed, as the undisclosed income exceeded the declared income. The Tribunal rejected the assessee's arguments citing judicial precedents, distinguishing them based on the specific facts of the case. The appeal was dismissed, affirming the imposition of the penalty. Case-Laws Income Tax Thu, 04 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204784