https://www.taxtmi.com/caselaws?id=59383 The Tribunal, aligning with the majority view, deleted the penalty levied under section 158BFA(2) of the Income-tax Act, 1961, and allowed the appeal of the assessee. It was concluded that the Assessing Officer (AO) was not justified in imposing the penalty, as the additions were not legally sustainable and the penalty under section 158BFA(2) is discretionary, not automatic. The Tribunal emphasized that the retrospective amendment to the definition of 'undisclosed income' could not be applied to the assessee's case. en-us Tue, 12 Aug 2008 00:00:00 +0530 Sun, 10 Dec 2023 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59383 The Tribunal, aligning with the majority view, deleted the penalty levied under section 158BFA(2) of the Income-tax Act, 1961, and allowed the appeal of the assessee. It was concluded that the Assessing Officer (AO) was not justified in imposing the penalty, as the additions were not legally sustainable and the penalty under section 158BFA(2) is discretionary, not automatic. The Tribunal emphasized that the retrospective amendment to the definition of 'undisclosed income' could not be applied to the assessee's case. Case-Laws Income Tax Tue, 12 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59383