https://www.taxtmi.com/caselaws?id=330359 Penalty under section 158BFA(2) was held not leviable where, in a search case, the undisclosed income was ultimately determined at a lower figure and the returns had been filed pursuant to an understanding with the revenue about who would disclose the income. The Court accepted that the original uncertainty whether the income belonged to the company or its director was not displaced, and treated penalty on the company as inequitable. The authorities were therefore justified in declining to impose penalty, and the issue was decided in favour of the assessee. en-us Wed, 29 Jun 2016 00:00:00 +0530 Sat, 17 Jun 2017 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330359 Penalty under section 158BFA(2) was held not leviable where, in a search case, the undisclosed income was ultimately determined at a lower figure and the returns had been filed pursuant to an understanding with the revenue about who would disclose the income. The Court accepted that the original uncertainty whether the income belonged to the company or its director was not displaced, and treated penalty on the company as inequitable. The authorities were therefore justified in declining to impose penalty, and the issue was decided in favour of the assessee. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330359