https://www.taxtmi.com/caselaws?id=329457 The Court upheld the decision of the ITAT to delete the penalty of &8377; 25,29,100 imposed under Section 158BFA(2). It emphasized that penalty imposition is discretionary and not automatic, requiring a proper evaluation of relevant facts. The Court found that the penalty was based on the rejection of a claim for deduction, not concealment of income, and agreed with the CIT (Appeals) and ITAT conclusions. As a result, the tax appeal was dismissed in favor of the assessee and against the revenue department. en-us Thu, 16 Jun 2016 00:00:00 +0530 Sat, 02 Jul 2016 12:06:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329457 The Court upheld the decision of the ITAT to delete the penalty of &8377; 25,29,100 imposed under Section 158BFA(2). It emphasized that penalty imposition is discretionary and not automatic, requiring a proper evaluation of relevant facts. The Court found that the penalty was based on the rejection of a claim for deduction, not concealment of income, and agreed with the CIT (Appeals) and ITAT conclusions. As a result, the tax appeal was dismissed in favor of the assessee and against the revenue department. Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329457