https://www.taxtmi.com/caselaws?id=220711 The Court upheld the penalty imposed under section 158BFA(2) of the Income Tax Act, 1961, in a case stemming from a search and seizure at the appellant's wife's premises. Despite the appellant's arguments regarding cooperation with the Department and filing a revised return post-search, the Court found no merit. Emphasizing the statutory requirements, including timely filing of returns and meeting conditions for penalty waiver, the Court dismissed the appeal. Compliance with statutory provisions, especially those outlined in the proviso to section 158BFA, was deemed crucial to avoid penalty imposition. en-us Thu, 06 Dec 2012 00:00:00 +0530 Wed, 06 Feb 2013 08:08:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220711 The Court upheld the penalty imposed under section 158BFA(2) of the Income Tax Act, 1961, in a case stemming from a search and seizure at the appellant's wife's premises. Despite the appellant's arguments regarding cooperation with the Department and filing a revised return post-search, the Court found no merit. Emphasizing the statutory requirements, including timely filing of returns and meeting conditions for penalty waiver, the Court dismissed the appeal. Compliance with statutory provisions, especially those outlined in the proviso to section 158BFA, was deemed crucial to avoid penalty imposition. Case-Laws Income Tax Thu, 06 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220711