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2012 (7) TMI 241 - AT - Income TaxLevy of penalty u/s 158 BFA(2)- addition made by AO to the undisclosed income as substantial gold/diamond jewellery had been found at the time of search - Held that:- Considering the statement of the father at the time of search that the shortage found represented gifts given to various family members is no acceptable as it was not supported by any gift tax paid nor full details/particulars of items gifted - assessee submission that 140 gms jewellery had been declared in VDIS but no VDIS certificate had been produced and even if VDIS declaration was made, the jewellery declared therein had merged with the jewellery declared in the returns for assessment year 1992-93 - explanation of the assessee cannot be considered as bonafide as diamond/ gold jewellery are precious items which are carefully kept by any person and it cannot be accepted that a person will not keep accounts of the same - mere confirmation even if given is not enough as there is no supporting evidence in the form of gift tax return nor there are details of purchase of items gifted or the source thereof - as in case of silver items the amount being small (Rs.4258/-) it will not be appropriate to levy penalty in respect of such addition - penalty confirmed on gold/diamond jewellery - partly allowed in favour of assessee.
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