https://www.taxtmi.com/caselaws?id=179970 The Tribunal allowed the appeal, deleting the penalty of Rs. 5,23,160 levied under Section 158BFA(2) of the IT Act, 1961. The Tribunal held that penalty based on estimated income was not permissible, citing relevant case law. The Tribunal found that the additions were not due to deliberate concealment of income but were based on estimates and non-acceptance of bona fide explanations. Consequently, the penalty imposed by the AO was overturned, and the appeal of the assessee was successful. en-us Mon, 16 Sep 2013 00:00:00 +0530 Wed, 16 Nov 2016 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179970 The Tribunal allowed the appeal, deleting the penalty of Rs. 5,23,160 levied under Section 158BFA(2) of the IT Act, 1961. The Tribunal held that penalty based on estimated income was not permissible, citing relevant case law. The Tribunal found that the additions were not due to deliberate concealment of income but were based on estimates and non-acceptance of bona fide explanations. Consequently, the penalty imposed by the AO was overturned, and the appeal of the assessee was successful. Case-Laws Income Tax Mon, 16 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179970