https://www.taxtmi.com/caselaws?id=178026 Penalty under section 158BFA(2) follows the statutory scheme of block assessment where undisclosed income determined exceeds the amount disclosed in the block return. The Tribunal noted that the assessee filed a nil block return, the Assessing Officer determined undisclosed income in excess of that return, and the quantum addition attained finality because no appeal was filed. It further held that this penalty is not contingent on proving concealment, inaccurate particulars, or mens rea in the manner associated with section 271(1)(c). On those facts, the penalty was sustained. en-us Thu, 30 Apr 2009 00:00:00 +0530 Wed, 27 Jan 2016 11:53:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178026 Penalty under section 158BFA(2) follows the statutory scheme of block assessment where undisclosed income determined exceeds the amount disclosed in the block return. The Tribunal noted that the assessee filed a nil block return, the Assessing Officer determined undisclosed income in excess of that return, and the quantum addition attained finality because no appeal was filed. It further held that this penalty is not contingent on proving concealment, inaccurate particulars, or mens rea in the manner associated with section 271(1)(c). On those facts, the penalty was sustained. Case-Laws Income Tax Thu, 30 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178026