https://www.taxtmi.com/caselaws?id=212517 The court upheld the penalty imposed under section 158BFA(2) of the Income-tax Act, 1961, on the appellant for additional undisclosed income determined during block assessment proceedings. The Tribunal's decision to confirm the penalty at 100% of the undisclosed income was deemed justified, as the penalty provisions under section 158BFA(2) are discretionary and triggered by variations between assessed and declared incomes for the block period. The court found no error in the imposition of the penalty and dismissed the appeal, emphasizing the distinct nature of penalty provisions under section 158BFA(2) compared to section 271(1)(c) of the Act. en-us Tue, 08 Nov 2011 00:00:00 +0530 Wed, 21 Nov 2012 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212517 The court upheld the penalty imposed under section 158BFA(2) of the Income-tax Act, 1961, on the appellant for additional undisclosed income determined during block assessment proceedings. The Tribunal's decision to confirm the penalty at 100% of the undisclosed income was deemed justified, as the penalty provisions under section 158BFA(2) are discretionary and triggered by variations between assessed and declared incomes for the block period. The court found no error in the imposition of the penalty and dismissed the appeal, emphasizing the distinct nature of penalty provisions under section 158BFA(2) compared to section 271(1)(c) of the Act. Case-Laws Income Tax Tue, 08 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212517