Dismissing the appeal of the revenue the Court held that the Tribunal is justified in deleting the penalty as the addition to undisclosed income was made on estimate basis. Referred IT v. Satyendrakumar Dosi (2009) 315 ITR 172 (Raj) (HC), CIT v. Dodsal Limited (2009) 312 ITR 112 (Bom.) (HC). (BP 1996-1997 to 2001-2002)
CIT v. Bagga Distilleries Hyderabad (P.) Ltd. (2020) 113 taxmann.com 602 (AP&T) (HC) Editorial : SLP of revenue is dismissed, CIT v. Bagga Distilleries Hyderabad (P.) Ltd. (2020) 270 Taxman 93 (SC)
S. 158BFA : Block assessment-Penalty-Addition to undisclosed income on estimate basis-Deletion of penalty is held to be justified. [S. 158BC, 158BFA(2), 158BGA(2), 271(1)(c)]