https://www.taxtmi.com/caselaws?id=356174 The court upheld the ITAT's decision that penalty under Section 158BFA(2) is leviable only on additions made over the undisclosed income declared by the assessee. It emphasized that the discretion to levy penalty is not automatic but lies within the Assessing Officer's purview. The court also clarified that penalty imposition is discretionary, referencing judgments supporting this interpretation. The court found the ITAT's reliance on a previous decision appropriate and concluded that the discretion under Section 158BFA(2) should be exercised reasonably. The appeal was dismissed, and all substantial questions of law were answered against the Revenue. en-us Wed, 13 Dec 2017 00:00:00 +0530 Mon, 26 Feb 2018 08:30:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356174 The court upheld the ITAT's decision that penalty under Section 158BFA(2) is leviable only on additions made over the undisclosed income declared by the assessee. It emphasized that the discretion to levy penalty is not automatic but lies within the Assessing Officer's purview. The court also clarified that penalty imposition is discretionary, referencing judgments supporting this interpretation. The court found the ITAT's reliance on a previous decision appropriate and concluded that the discretion under Section 158BFA(2) should be exercised reasonably. The appeal was dismissed, and all substantial questions of law were answered against the Revenue. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356174