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2014 (3) TMI 526 - ITAT AHMEDABADLevy of Penalty u/s 158BFA(2) of the Act - the appellant has completely disclosed jewellery pertaining to the large family in his wife's locker – Held that:- The decision in CIT vs Becharbhai P. Parmar [2012 (4) TMI 418 - GUJARAT HIGH COURT] followed - The right from the date of search till the date of assessment proceedings, the appellant has stated that the jewellery belongs to his mother in law and wife of the brother in law - No inaccurate particulars were filed by the appellant - the addition was confirmed by the CIT(A) and ITAT by rejecting the explanation of the assesses that the jewellery belong to mother in law and the wife of the brother in law of the assessee, does not automatically mean that penalty u/s. 158BFA(2) is leviable – thus, there is no need to interfere in the findings of the CIT(A) – Decided against Assessee.
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