https://www.taxtmi.com/caselaws?id=212766 The court held that the penalty under Section 158BFA(2) of the Income-tax Act is discretionary, not mandatory. It found in favor of the assessee on this issue. However, the court determined that the Tribunal erred in deleting the penalties, ruling in favor of the Revenue. The court set aside the Tribunal's decision and remanded the case for fresh consideration. en-us Tue, 10 Jan 2012 00:00:00 +0530 Tue, 24 Apr 2012 22:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212766 The court held that the penalty under Section 158BFA(2) of the Income-tax Act is discretionary, not mandatory. It found in favor of the assessee on this issue. However, the court determined that the Tribunal erred in deleting the penalties, ruling in favor of the Revenue. The court set aside the Tribunal's decision and remanded the case for fresh consideration. Case-Laws Income Tax Tue, 10 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212766