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2011 (9) TMI 757 - AT - Income TaxBlock assessment - Penalty u/s 158BFA(2) - Search and seizure - Undisclosed income - the computation of income in the block assessment was made on the basis of the evidence found during the course of search which were incriminating in nature against the assessee - The proviso to section 158BFA(2) of the Income-tax Act provides that penalty could be imposed where undisclosed income determined by the Assessing Officer is in excess of the income shown in the return of income - While there could be a dispute between the Revenue and the assessee as to whether provisions of section 271(1)(c) of the Income-tax Act would be applicable to penalty proceedings under section 158BFA(2) of the Income-tax Act, the language in the two sections are clearly different and the contentions of learned counsel for the assessee is not tenable, yet, it is clear that the assessee was in full knowledge of undisclosed income which was not at all shown in any manner in the return to be filed for the block period - The conduct of the assessee in not disclosing undisclosed income in the return for the block period would show that the conduct of the assessee was not bona fide - Decided against the assessee
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