TaxTMI 
TaxTMI 
2011 (6) TMI 462
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....yanan, Vice-President - This appeal is filed by the assessee. The appeal is directed against the order of the Commissioner of Income-tax (Appeals)-I at Chennai dated December 31, 2010 and arises out of the order of the Assessing Officer imposing a penalty of Rs. 2,34,653 passed under section 158BFA(2) of the Income-tax Act, 1961. 2. The assessee is a Hindu undivided family. A search and seizure....
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....axation. The assessee computed the tax liability at 20 per cent, which is normally applicable to long-term capital gains. The return filed by the assessee was anyhow belated. The Assessing Officer did not take into cognizance the belated return and completed the assessment accordingly. The assessee disclosed nil undisclosed income in the belated return filed by it on the ground that the capital ga....
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....eturn could not have been accepted. All these factors are very relevant for completing the quantum assessment and demanding the tax at 60 per cent from the assessee. 5. But the above factors are not sufficient to impose penalty under section 158BFA. The reason that the assessee has not furnished any undisclosed income in the block return filed by it in pursuance of notice under section 158BD is n....