https://www.taxtmi.com/caselaws?id=215538 The court upheld the penalty of Rs. 7,62,882/- under Section 158BFA(2) of the Income-tax Act, 1961, as the assessee failed to declare true income details and lacked evidence to support declared income. The Assessing Officer's discretion in imposing the penalty was considered valid, and the penalty amount was determined accurately based on excess undisclosed income. Legal precedents cited were deemed irrelevant. The appeal was dismissed, confirming the penalty. en-us Mon, 16 Apr 2012 00:00:00 +0530 Tue, 13 Sep 2016 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215538 The court upheld the penalty of Rs. 7,62,882/- under Section 158BFA(2) of the Income-tax Act, 1961, as the assessee failed to declare true income details and lacked evidence to support declared income. The Assessing Officer's discretion in imposing the penalty was considered valid, and the penalty amount was determined accurately based on excess undisclosed income. Legal precedents cited were deemed irrelevant. The appeal was dismissed, confirming the penalty. Case-Laws Income Tax Mon, 16 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215538