https://www.taxtmi.com/caselaws?id=286145 Penalty under section 158BFA(2) of the Income-tax Act is not automatic where undisclosed income is determined only on estimate in a search assessment. The Tribunal treated the addition as based on inferences from material found, including alleged discrepancies in bottle issuance, sales and purchase cost, and the Court agreed that such estimated computation did not by itself prove deliberate suppression. On that basis, the penalty could not be sustained on the facts, and the Revenue's challenge failed, leaving the deletion of penalty in place for the block assessment period. en-us Tue, 21 Nov 2017 00:00:00 +0530 Fri, 14 Feb 2020 09:56:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286145 Penalty under section 158BFA(2) of the Income-tax Act is not automatic where undisclosed income is determined only on estimate in a search assessment. The Tribunal treated the addition as based on inferences from material found, including alleged discrepancies in bottle issuance, sales and purchase cost, and the Court agreed that such estimated computation did not by itself prove deliberate suppression. On that basis, the penalty could not be sustained on the facts, and the Revenue's challenge failed, leaving the deletion of penalty in place for the block assessment period. Case-Laws Income Tax Tue, 21 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286145