https://www.taxtmi.com/caselaws?id=31717 The High Court affirmed the Tribunal's decision to cancel the penalty under Section 158 BFA(2) of the Income-tax Act, 1961. The Court held that the penalty imposition is discretionary and must be supported by evidence from the search, which was lacking in this case. The surrender by the assessee was considered bonafide and did not signify concealment or furnishing of inaccurate particulars of income. en-us Wed, 12 Nov 2008 00:00:00 +0530 Mon, 31 Oct 2011 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31717 The High Court affirmed the Tribunal's decision to cancel the penalty under Section 158 BFA(2) of the Income-tax Act, 1961. The Court held that the penalty imposition is discretionary and must be supported by evidence from the search, which was lacking in this case. The surrender by the assessee was considered bonafide and did not signify concealment or furnishing of inaccurate particulars of income. Case-Laws Income Tax Wed, 12 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31717