https://www.taxtmi.com/caselaws?id=252006 The Tribunal allowed the appeals, deleted the penalties imposed under Section 158BFA(2) of the Income Tax Act, emphasizing that assessments of undisclosed income should rely on conclusive evidence from the search. It highlighted the significance of a bona fide belief and concluded that penalties were unwarranted due to uncertainties and contradictions in the evidence, particularly regarding the determination of true sale consideration and capital gains. en-us Fri, 26 Sep 2014 00:00:00 +0530 Tue, 17 Feb 2015 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252006 The Tribunal allowed the appeals, deleted the penalties imposed under Section 158BFA(2) of the Income Tax Act, emphasizing that assessments of undisclosed income should rely on conclusive evidence from the search. It highlighted the significance of a bona fide belief and concluded that penalties were unwarranted due to uncertainties and contradictions in the evidence, particularly regarding the determination of true sale consideration and capital gains. Case-Laws Income Tax Fri, 26 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252006