https://www.taxtmi.com/caselaws?id=187582 The Tribunal ruled in favor of the assessee, canceling the penalty under Section 158BFA of the Income Tax Act. It found that the assessment of undisclosed income based on estimates without concrete evidence was unjustified, leading to the penalty order being set aside. The Tribunal emphasized that the Revenue's rejection of family savings claims without proper basis contradicted their acceptance of the same investments as undisclosed income, ultimately allowing the assessee's appeal. en-us Fri, 07 Apr 2006 00:00:00 +0530 Thu, 27 Oct 2016 18:28:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187582 The Tribunal ruled in favor of the assessee, canceling the penalty under Section 158BFA of the Income Tax Act. It found that the assessment of undisclosed income based on estimates without concrete evidence was unjustified, leading to the penalty order being set aside. The Tribunal emphasized that the Revenue's rejection of family savings claims without proper basis contradicted their acceptance of the same investments as undisclosed income, ultimately allowing the assessee's appeal. Case-Laws Income Tax Fri, 07 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187582