Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The Income Tax Appellate Tribunal set aside the assessment order for the assessee and restored the matter to the Assessing Officer for a de novo assessment after providing the assessee with a due opportunity of hearing. This decision aligns with the Tribunal's earlier ruling in the case of the co-owner, Dhirendra Nath Das, for the same assessment year. However, the Tribunal upheld the penalty imposed u/s 271(1)(b) for non-compliance with the notice issued u/s 142(1), considering the assessee's awareness of their responsibility as an employee of Indian Oil Corporation and the lack of a plausible explanation for non-compliance.
The Income Tax Appellate Tribunal set aside the assessment order for the assessee and restored the matter to the Assessing Officer for a de novo assessment after providing the assessee with a due opportunity of hearing. This decision aligns with the Tribunal's earlier ruling in the case of the co-owner, Dhirendra Nath Das, for the same assessment year. However, the Tribunal upheld the penalty imposed u/s 271(1)(b) for non-compliance with the notice issued u/s 142(1), considering the assessee's awareness of their responsibility as an employee of Indian Oil Corporation and the lack of a plausible explanation for non-compliance.
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