https://www.taxtmi.com/caselaws?id=326409 The Tribunal allowed the appeal of the assessee, deleting the penalty under Section 158BFA(2) of the Income-tax Act. The decision was based on the absence of recorded satisfaction under Section 158BD and insufficient evidence to support the alleged income concealment during the block period. The Tribunal emphasized the necessity of concrete evidence and proper justification for additions of undisclosed income, ruling in favor of the assessee due to the lack thereof. en-us Fri, 01 Apr 2016 00:00:00 +0530 Thu, 14 Apr 2016 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326409 The Tribunal allowed the appeal of the assessee, deleting the penalty under Section 158BFA(2) of the Income-tax Act. The decision was based on the absence of recorded satisfaction under Section 158BD and insufficient evidence to support the alleged income concealment during the block period. The Tribunal emphasized the necessity of concrete evidence and proper justification for additions of undisclosed income, ruling in favor of the assessee due to the lack thereof. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326409