https://www.taxtmi.com/caselaws?id=57057 The appeal was successful, and the penalty imposed under section 158BFA(2) for the block period 1-4-1987 to 9-10-1997 was ordered to be deleted. The court found no discrepancy between the assessed and returned undisclosed income, questioning the justification for penalty imposition. Emphasizing the need for a judicious exercise of penalty imposition, the court referenced relevant legal provisions and a Pune Bench decision, ultimately ruling in favor of the appellant and directing the deletion of the penalty. en-us Mon, 09 Feb 2004 00:00:00 +0530 Wed, 08 Dec 2010 11:48:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57057 The appeal was successful, and the penalty imposed under section 158BFA(2) for the block period 1-4-1987 to 9-10-1997 was ordered to be deleted. The court found no discrepancy between the assessed and returned undisclosed income, questioning the justification for penalty imposition. Emphasizing the need for a judicious exercise of penalty imposition, the court referenced relevant legal provisions and a Pune Bench decision, ultimately ruling in favor of the appellant and directing the deletion of the penalty. Case-Laws Income Tax Mon, 09 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57057