https://www.taxtmi.com/caselaws?id=210717 The appeal filed by the Revenue was dismissed, confirming the deletion of the penalty imposed on the assessee for undisclosed jewellery worth Rs. 9,06,430/-. The Tribunal upheld the decision that the penalty under Section 158BFA(2) is discretionary, not mandatory, and emphasized the absence of positive evidence of concealment in this case. The explanation provided by the assessee was considered bona fide and not proven false, leading to the dismissal of the Department's appeal. en-us Fri, 06 Jan 2012 00:00:00 +0530 Thu, 16 Feb 2012 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210717 The appeal filed by the Revenue was dismissed, confirming the deletion of the penalty imposed on the assessee for undisclosed jewellery worth Rs. 9,06,430/-. The Tribunal upheld the decision that the penalty under Section 158BFA(2) is discretionary, not mandatory, and emphasized the absence of positive evidence of concealment in this case. The explanation provided by the assessee was considered bona fide and not proven false, leading to the dismissal of the Department's appeal. Case-Laws Income Tax Fri, 06 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210717