https://www.taxtmi.com/caselaws?id=236466 The ITAT allowed the appeal, concluding that the penalty imposed was not sustainable as the enhancement of undisclosed income was based on estimations without concrete evidence of actual undisclosed income. Relying on precedent, including the case of M/s Tony Electronics Ltd., the penalty under section 158BFA(2) was deleted. The court emphasized that penalties should not be imposed solely on estimated additions without clear proof of concealment or suppression of income. en-us Thu, 11 Jul 2013 00:00:00 +0530 Thu, 29 Aug 2013 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236466 The ITAT allowed the appeal, concluding that the penalty imposed was not sustainable as the enhancement of undisclosed income was based on estimations without concrete evidence of actual undisclosed income. Relying on precedent, including the case of M/s Tony Electronics Ltd., the penalty under section 158BFA(2) was deleted. The court emphasized that penalties should not be imposed solely on estimated additions without clear proof of concealment or suppression of income. Case-Laws Income Tax Thu, 11 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236466