https://www.taxtmi.com/caselaws?id=270920 Penalty under section 158BFA(2) in block assessment proceedings is confined to the excess of undisclosed income determined over the undisclosed income shown in the block return where the second proviso applies. The provision is penal in nature and must be strictly construed, so penalty cannot be levied on income already disclosed in the return merely because the return was filed with delay or the tax was later paid. The operative effect is that only the differential assessed income remains exposed to penalty, while the returned undisclosed income is outside its scope. en-us Thu, 29 Oct 2015 00:00:00 +0530 Wed, 20 Jan 2016 05:54:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270920 Penalty under section 158BFA(2) in block assessment proceedings is confined to the excess of undisclosed income determined over the undisclosed income shown in the block return where the second proviso applies. The provision is penal in nature and must be strictly construed, so penalty cannot be levied on income already disclosed in the return merely because the return was filed with delay or the tax was later paid. The operative effect is that only the differential assessed income remains exposed to penalty, while the returned undisclosed income is outside its scope. Case-Laws Income Tax Thu, 29 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270920