https://www.taxtmi.com/caselaws?id=180298 The Tribunal allowed the appeals, holding that the penalty under Section 158BFA(2) was not justified. The additions were based on estimates and conjectures, with no direct evidence of underinvoicing found at the assessee's premises. The High Court admitting substantial questions of law indicated debatable issues, leading to the cancellation of penalties imposed by the AO and confirmed by the CIT(A). en-us Fri, 16 Jul 2010 00:00:00 +0530 Sat, 19 Mar 2016 18:55:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180298 The Tribunal allowed the appeals, holding that the penalty under Section 158BFA(2) was not justified. The additions were based on estimates and conjectures, with no direct evidence of underinvoicing found at the assessee's premises. The High Court admitting substantial questions of law indicated debatable issues, leading to the cancellation of penalties imposed by the AO and confirmed by the CIT(A). Case-Laws Income Tax Fri, 16 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180298