https://www.taxtmi.com/caselaws?id=271007 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 158BFA(2), ruling that penalty cannot be imposed solely on estimated figures without substantial proof. The assessment of undisclosed income by estimation was deemed invalid as it lacked concrete evidence. The Tribunal supported the deletion of penalty based on aggregate discrepancies, finding that the assessee's conduct and non-maintenance of books did not warrant penalty imposition. The onus was on the Assessing Officer to provide positive detection of materials, which was not fulfilled. The appeal of the revenue was dismissed. en-us Fri, 30 Oct 2015 00:00:00 +0530 Sat, 23 Jan 2016 10:30:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271007 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 158BFA(2), ruling that penalty cannot be imposed solely on estimated figures without substantial proof. The assessment of undisclosed income by estimation was deemed invalid as it lacked concrete evidence. The Tribunal supported the deletion of penalty based on aggregate discrepancies, finding that the assessee's conduct and non-maintenance of books did not warrant penalty imposition. The onus was on the Assessing Officer to provide positive detection of materials, which was not fulfilled. The appeal of the revenue was dismissed. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271007