https://www.taxtmi.com/caselaws?id=328824 The tribunal reversed the Ld. CIT(A)'s decision and deleted the penalty of 5,19,750 under section 158BFA(2). The penalty was overturned due to flaws in the assessment, including incorrect application of penalty on undisclosed income, lack of proper calculation of penalty within statutory limits, and insufficient consideration of evidence provided by the assessee. The tribunal allowed the appeal, emphasizing that penalties should not be automatic and must be based on accurate assessment of tax evasion. en-us Mon, 13 Jun 2016 00:00:00 +0530 Wed, 15 Jun 2016 09:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328824 The tribunal reversed the Ld. CIT(A)'s decision and deleted the penalty of 5,19,750 under section 158BFA(2). The penalty was overturned due to flaws in the assessment, including incorrect application of penalty on undisclosed income, lack of proper calculation of penalty within statutory limits, and insufficient consideration of evidence provided by the assessee. The tribunal allowed the appeal, emphasizing that penalties should not be automatic and must be based on accurate assessment of tax evasion. Case-Laws Income Tax Mon, 13 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328824