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2014 (6) TMI 278 - AT - Income TaxOrder being time barred u/s 158BFA(2) of the Act – Levy of penalty - Held that:- The categorical finding of CIT(A) that Tribunal’s order was received for the first time on 20-07-2009 by the CIT concerned has not been controverted by the assessee by placing any material on record to the contrary, CIT(A) was justified in holding that the penalty order u/s. 158BFA(2) was passed within the prescribed statutory time limit - During the course of search of gold jewellery weighing 1576.1 gms was found from assessee’s possession out which AO accepted 939 gms as explained on the basis of preliminary statement of assessee and his wife recorded at the time of search - Matter reached upto Tribunal and jewellery weighing 191.1 gms remained unexplained and it was considered to be acquired out of undisclosed income Rs. 95,550/- and the figure was arrived at by giving benefit of doubt to the assessee in all respects i.e. due credit was given for possession of jewellery of all family members including married daughter, inheritance or parents and in view of CBDT Instruction No. 1916 – there is no need to interfere with the order passed by CIT(A) in confirming the action of AO in levying penalty u/s. 158BFA(2) of the Act – Decided against Assessee.
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