https://www.taxtmi.com/caselaws?id=368405 The court upheld the levy of penalty under Section 158BFA(2) of the Income Tax Act for the block period 01.04.1989 to 22.03.2000. It was determined that the undisclosed income computation was based on seized materials and details provided by the assessee during the search, rather than solely on a voluntary letter as claimed by the appellant. The Assessing Officer, first appellate authority, and Tribunal all found the penalty and surcharge to be justified under the Second Proviso to Section 158BFA. The court dismissed the appeal, ruling in favor of the Revenue. en-us Wed, 19 Sep 2018 00:00:00 +0530 Mon, 08 Oct 2018 07:33:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368405 The court upheld the levy of penalty under Section 158BFA(2) of the Income Tax Act for the block period 01.04.1989 to 22.03.2000. It was determined that the undisclosed income computation was based on seized materials and details provided by the assessee during the search, rather than solely on a voluntary letter as claimed by the appellant. The Assessing Officer, first appellate authority, and Tribunal all found the penalty and surcharge to be justified under the Second Proviso to Section 158BFA. The court dismissed the appeal, ruling in favor of the Revenue. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368405