https://www.taxtmi.com/caselaws?id=178079 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under Section 158BFA(2) of the Income Tax Act. The Tribunal found that there was no evidence of intentional income concealment, and the issue of treating long-term capital gains as "undisclosed income" was debatable. Citing precedents, the Tribunal emphasized that penalties cannot be imposed on debatable issues. Therefore, the Tribunal dismissed the Revenue's appeal, concluding that the penalty was unwarranted. en-us Tue, 13 Jan 2015 00:00:00 +0530 Wed, 27 Jan 2016 23:21:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178079 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under Section 158BFA(2) of the Income Tax Act. The Tribunal found that there was no evidence of intentional income concealment, and the issue of treating long-term capital gains as "undisclosed income" was debatable. Citing precedents, the Tribunal emphasized that penalties cannot be imposed on debatable issues. Therefore, the Tribunal dismissed the Revenue's appeal, concluding that the penalty was unwarranted. Case-Laws Income Tax Tue, 13 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178079