https://www.taxtmi.com/caselaws?id=259474 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the penalty imposed under Section 158BFA(2) of the Income Tax Act. The Tribunal emphasized the discretionary nature of the penalty, requiring evidence of deliberate concealment, which was lacking in this case. The return of income was filed within the extended time allowed, and no deliberate concealment was established. Consequently, the penalty was not imposed, and the Tribunal's decision was pronounced on 20/4/2015. en-us Mon, 20 Apr 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259474 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the penalty imposed under Section 158BFA(2) of the Income Tax Act. The Tribunal emphasized the discretionary nature of the penalty, requiring evidence of deliberate concealment, which was lacking in this case. The return of income was filed within the extended time allowed, and no deliberate concealment was established. Consequently, the penalty was not imposed, and the Tribunal's decision was pronounced on 20/4/2015. Case-Laws Income Tax Mon, 20 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259474