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2019 (7) TMI 804 - HC - Income TaxLevy of penalty u/s 158BFA(2) - difference between the returned income and the assessed income - valuation of the gold jewellery and the diamonds - HELD THAT:- On a reading of the penalty order u/s 158BFA(2) dated 19.7.2005, in which the assessment order has been referred to, we find that the difference is on account of the valuation of the gold jewellery and the diamonds. Thus, it was the consistent case of the assessee that the difference between the returned income and the assessed income was not willful, but it was voluntary and requested for dropping the penalty proceedings. These factors were rightly taken into consideration by the Tribunal while passing the impugned order. Though the decision in the case of Apex Metchem (P) Ltd. [2014 (5) TMI 11 - RAJASTHAN HIGH COURT] arose u/s 158BFA, it is not applicable to the case on hand, because, on facts, in the said case, it was found by all the three Authorities that the assessee was involved in undisclosed transactions on the basis of overwhelming evidence and all those transactions were out of books. It is never the case of the Revenue that the undisclosed income was on account of any transaction, which was out of books. But, the entire case arose out of valuation of the gold jewellery and the diamonds. Thus, for the above reasons, we find that the Revenue has not made out any ground to interfere with the order passed by the Tribunal. - Decided against revenue.
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