2017 (2) TMI 1111 - SCH - Income Tax

Penalty under Section 158BFA(2) - income which was not undisclosed income but was determined on the basis of estimation on the application of Weight Formula on gross credits in various bank statements considered as turnover - Held that - HC order confirmed 2015 (3) TMI 409 - DELHI HIGH COURT . Assessee s argument that there was no fresh material since the entire amount was disclosed earlier and that amount has not been varied in our opinion is not accurate. The determination in the course of block assessment order was based upon a material discovered i.e. in the form of statement made by the assessee under Section 132(4) of the Act; that radically changed the character of the income originally declared. Consequently the estimation directed by the ITAT was accepted by the assessee. In view of the above circumstances this Court is of the opinion that the question of law urged has to be answered against the assessee - Decided in favour of the Revenue.