https://www.taxtmi.com/caselaws?id=333566 The Tribunal upheld the imposition of penalty under Section 158BFA(2) of the Income Tax Act but directed the recalibration of the penalty calculation to align with the provisions of the Act. It emphasized the correct application of the provisos and calculation of the penalty based on undisclosed income exceeding the amount shown in the return. en-us Mon, 29 Aug 2016 00:00:00 +0530 Tue, 18 Oct 2016 10:05:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333566 The Tribunal upheld the imposition of penalty under Section 158BFA(2) of the Income Tax Act but directed the recalibration of the penalty calculation to align with the provisions of the Act. It emphasized the correct application of the provisos and calculation of the penalty based on undisclosed income exceeding the amount shown in the return. Case-Laws Income Tax Mon, 29 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333566