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TMI Blog2012 (6) TMI 261X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/- Rs.3 lakhs represents gift received from Non Resident Indians, Assessee not only failed to prove it but did not even pursue the contest against assessment – Held that:- with reference to the undisclosed income of Rs.3 lakhs which though claimed as a gift, the assessee miserably failed to prove it. Penalty u/s 158BFA (2) of the I.T.Act - penalty is mandatory at least on above amount Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel for Revenue. 2. The question raised pertains to levy of penalty u/s 158BFA(2) of the I.T.Act, that is confirmed by the Tribunal. The appellant/assessee was subject to search and notices were sent to him to file return of undisclosed income. Pursuant to the notice assessee filed return in Form No.2B declaring undisclosed income of Rs.3 lakhs. However, apart from this declared undisclosed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reported in 312 ITR page 112 wherein the said High Court has taken a view that penalty u/s 158BFA(2) is discretionary. However, the Standing Counsel submitted that the decision of the Tribunal in Heera Construction's case relied on by them in deciding the matter against the assessee is confirmed by this court in the decision reported in Commissioner of Income Tax v. Heera Construction Co. P. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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