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2016 (7) TMI 1433 - AT - Income TaxPenalty u/s 158BFA(2) - withdrawal of the appeal pending before this Tribunal by legal representative - not explain the difference between the returned income and assessed income - Held that:- Merely because the legal representative withdrew the appeal pending before this Tribunal after the expiry of the assessee Shri K.C.G. Verghese and the legal representative is not in a position to explain the source of investment, this Tribunal is of the considered opinion that that cannot be a reason for levying penalty under Section 158BFA(2) of the Act. This Tribunal is of the considered opinion that it is not a fit case for levy of penalty under Section 158BFA(2) of the Act. Accordingly, the orders of the lower authorities are set aside and the penalty levied under Section 158BFA(2) of the Act is deleted.- Decided in favour of assessee.
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