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2011 (11) TMI 460 - HC - Income TaxPenalty levied u/s 158BFA - search - block assessment - assessee filed return declaring undisclosed income - Held That:- Penalty u/s 158BFA(2) is provided where the A.O. computes income in excess of what is declared by the assessee for the block period. In the present case, addition of Rs. 3 lakhs was confirmed by the Tribunal over and above the income declared by the assessee for the block period in question. The AO, therefore, imposed penalty which was confined to such addition. Penalty justified - Decided against the assessee.
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