https://www.taxtmi.com/caselaws?id=354673 Penalty under section 158BFA(2) was held not to be barred by limitation because the relevant date for computation was the point when the quantum proceedings attained finality after appellate recomputation, so the penalty order passed thereafter was within time. On merits, the levy was found unsustainable because section 158BFA(2) penalty is discretionary, not automatic, and the explanation for investment in KVPs under a grandfather's Will was accepted as bona fide and supported; the penalty was deleted and the assessee obtained partial relief. en-us Fri, 15 Dec 2017 00:00:00 +0530 Fri, 02 Feb 2018 09:17:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354673 Penalty under section 158BFA(2) was held not to be barred by limitation because the relevant date for computation was the point when the quantum proceedings attained finality after appellate recomputation, so the penalty order passed thereafter was within time. On merits, the levy was found unsustainable because section 158BFA(2) penalty is discretionary, not automatic, and the explanation for investment in KVPs under a grandfather's Will was accepted as bona fide and supported; the penalty was deleted and the assessee obtained partial relief. Case-Laws Income Tax Fri, 15 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354673