https://www.taxtmi.com/caselaws?id=257473 Penalty under Section 158BFA(2) may be imposed where undisclosed income is determined under Section 158BC(c) on the basis of search material, even if the figure is reached by estimation or inference rather than purely arithmetical computation. The provision is not limited to cases of exact quantification, and seized material together with the assessee's statement under Section 132(4) can support the characterisation of part of the disclosed turnover as accommodation-entry business. A later reduction in the commission rate did not displace the core finding that the income had been determined from search evidence and admission, so the penalty remained exigible. en-us Wed, 04 Mar 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257473 Penalty under Section 158BFA(2) may be imposed where undisclosed income is determined under Section 158BC(c) on the basis of search material, even if the figure is reached by estimation or inference rather than purely arithmetical computation. The provision is not limited to cases of exact quantification, and seized material together with the assessee's statement under Section 132(4) can support the characterisation of part of the disclosed turnover as accommodation-entry business. A later reduction in the commission rate did not displace the core finding that the income had been determined from search evidence and admission, so the penalty remained exigible. Case-Laws Income Tax Wed, 04 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257473