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2014 (6) TMI 841 - AT - Income TaxConfirmation of penalty u/s 158BFA(2) of the Act Furnishing of inaccurate particulars - Unexplained investment in jewellery, undisclosed source of cash and unexplained investment in valuable articles Held that:- The addition on account of cash and investment in articles were sustained on estimated basis - With respect to the addition on account of investment in jewellery it is seen that Assessee had stated to have received the jewellery from her sister in Nairobi but in the absence of any supporting declaration filed before customs/ immigration, addition to the extent of 190 gms of jewellery was sustained - there is nothing to suggest that the explanation of the Assessee was found to be untrue Relying upon CIT vs. Becharbhai Parmar [2012 (4) TMI 418 - GUJARAT HIGH COURT] - the penalty u/s 158BFA(2) is not mandatory in nature - Section 273B which provides that penalty shall not be imposed in certain cases on the assessee proving that there was reasonable cause for failure to pay tax refers to several provisions such as sections 271, 271A etc. makes no mention of Section 158BFA(2) - This still does not mean that penalty under section 158BFA(2) is mandatory the additons have been upheld on estimation basis , thus, no penalty is leviable Decided in favour of assessee.
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