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| The Tax Publishers2020 TaxPub(DT) 1019 (AP-HC) INCOME TAX ACT, 1961
Section 158 BFA(2)
Tribunal's order deleting penalty imposed under section 158 BFA on ground that addition to undisclosed income of assessee was on estimate basis rather than on account of deliberate suppression of income, was justified and did not require interference.
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Search and seizure - Penalty under section 158 BFA(2) - No deliberate supression by assessee and addition made on estimate basis -
Pursuant to search proceedings carried out in case of assessee, a notice was issued under section 158BC. In response to said notice, assessee filed return declaring undisclosed income as nil. AO completed block assessment wherein certain addition was made to assessee's income on estimate basis. AO also passed a penalty order under section 158BFA(2). Held: Tribunal set aside penalty order by taking a view that addition of undisclosed income was on estimate basis rather than on account of deliberate suppression of income by assessee. Tribunal's finding was proper and sound.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ANDHRA PRADESH HIGH COURT & TELANGANA BENCH
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