https://www.taxtmi.com/caselaws?id=211307 The Tribunal upheld the penalty under section 158BFA(2) of the Income-tax Act, citing the assessee's inability to prove the source of on-money and the mandatory nature of the penalty for tax evasion. The decision emphasized the necessity of substantiating explanations and referenced legal precedents supporting the imposition of penalties in such cases. The appeal was dismissed, affirming the penalty imposed by the lower authorities. en-us Fri, 30 Sep 2011 00:00:00 +0530 Wed, 05 Jun 2013 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211307 The Tribunal upheld the penalty under section 158BFA(2) of the Income-tax Act, citing the assessee's inability to prove the source of on-money and the mandatory nature of the penalty for tax evasion. The decision emphasized the necessity of substantiating explanations and referenced legal precedents supporting the imposition of penalties in such cases. The appeal was dismissed, affirming the penalty imposed by the lower authorities. Case-Laws Income Tax Fri, 30 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211307