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2009 (1) TMI 240 - RAJASTHAN HIGH COURTBlock Assessment - Penalty u/s 158BFA – Mandatory Penalty - Income-tax Appellate Tribunal has committed no error in holding that the provisions of section 158BFA(2) providing for imposition of penalty in respect of the undisclosed income determined by the Assessing Officer under clause (c) of section 158BC is discretionary and not mandatory - The learned Income-tax Appellate Tribunal has rightly held that the addition is result of estimation of the opening capital involved prior to the block period and in the block assessments while computing the undisclosed income for the block period, capital possessed by the assessees prior to the block period as revealed from the ledger and the material seized during the search could not be treated as undisclosed income of the first assessment year in the block period – revenue appeal dismissed against the order of ITAT setting aside the penalty.
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