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2018 (11) TMI 379 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - undisclosed jewellery - streedhan - Held that:- Rendering an explanation as to the entire jewellery being her streedhan and as belonging to other two ladies, which stands accepted by the Revenue in part. The finding of the relevant asset (gold and diamond jewellery) in the present case, as being the assessee’s property, could, u/s. 69B, however, be validly invoked by the Revenue only where the same stands found from her possession, as from her room, locker, etc. or, even otherwise, shown to be under her control. An explanation could only follow a finding as to the relevant asset/s as belonging to the assessee. The issue, we may clarify, is not if the assessee owns any jewellery, which she admittedly does, but as to what extent? This is as, apart from other family members, there are two ladies in the house who could also have streedhan or otherwise own the jewellery found. The allowance of a part relief by the Revenue in quantum proceedings on that ground is, again, without any basis in facts, and merely a guess work. The primary onus on the Revenue being not discharged, while jewellery to some extent accepted as being the assessee’s streedhan, no case for levy of penalty is, under the circumstances, made out. - Decided in favour of assessee.
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