https://www.taxtmi.com/caselaws?id=354697 The Tribunal allowed the appeal of the assessee, concluding that the penalty imposed under section 158BFA of the Act was not justified solely based on non-acceptance of explanations for small investments. The Tribunal found that while additions were made by the Assessing Officer, the penalty was unwarranted. Therefore, the Tribunal set aside the order of the ld. CIT(A) and deleted the penalty, ruling in favor of the assessee. en-us Fri, 08 Dec 2017 00:00:00 +0530 Fri, 02 Feb 2018 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354697 The Tribunal allowed the appeal of the assessee, concluding that the penalty imposed under section 158BFA of the Act was not justified solely based on non-acceptance of explanations for small investments. The Tribunal found that while additions were made by the Assessing Officer, the penalty was unwarranted. Therefore, the Tribunal set aside the order of the ld. CIT(A) and deleted the penalty, ruling in favor of the assessee. Case-Laws Income Tax Fri, 08 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354697