https://www.taxtmi.com/caselaws?id=259128 The High Court upheld the Tribunal's decision to delete the penalty of Rs. 12,83,290/- imposed under Section 158BFA(2) of the Income Tax Act, 1961. The Court agreed with the Tribunal that the penalty was discretionary, not mandatory, and that the department failed to prove concealment. The Court dismissed the appeals, affirming the Tribunal's ruling that the penalty deletion was correct. en-us Tue, 23 Dec 2014 00:00:00 +0530 Thu, 30 Apr 2015 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259128 The High Court upheld the Tribunal's decision to delete the penalty of Rs. 12,83,290/- imposed under Section 158BFA(2) of the Income Tax Act, 1961. The Court agreed with the Tribunal that the penalty was discretionary, not mandatory, and that the department failed to prove concealment. The Court dismissed the appeals, affirming the Tribunal's ruling that the penalty deletion was correct. Case-Laws Income Tax Tue, 23 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259128