https://www.taxtmi.com/caselaws?id=286842 The ITAT ruled that penalty under section 158BFA(2) of the Income-tax Act cannot be imposed when undisclosed income is determined purely on an estimate basis. The assessing officer's adoption of a 6% breakage rate for bottles and inflated cost of bottles purchased from connected concerns were revised by the ITAT to 15% breakage rate and Rs. 1.80 per bottle, respectively, due to lack of concrete evidence. Consequently, the penalty imposed was deleted, and the appeal by the assessee was allowed. en-us Wed, 14 Mar 2012 00:00:00 +0530 Wed, 18 Mar 2020 09:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286842 The ITAT ruled that penalty under section 158BFA(2) of the Income-tax Act cannot be imposed when undisclosed income is determined purely on an estimate basis. The assessing officer's adoption of a 6% breakage rate for bottles and inflated cost of bottles purchased from connected concerns were revised by the ITAT to 15% breakage rate and Rs. 1.80 per bottle, respectively, due to lack of concrete evidence. Consequently, the penalty imposed was deleted, and the appeal by the assessee was allowed. Case-Laws Income Tax Wed, 14 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286842