Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The HC quashed an assessment order under s143(3) and penalty orders under s270A and s271AAD(1)(i) due to violation of natural justice principles. The petitioner received Annexure I to a show cause notice only two days before the scheduled hearing, insufficient time to respond adequately. Though the assessment was hurried to avoid statutory limitation under s153B, the court found procedural deficiencies warranting intervention. The court balanced interests by remitting the case back to the assessing officer for fresh consideration on merits. The court clarified that cross-examination of suppliers is only permissible when their statements are relied upon, and employee statements constitute admissions unless promptly retracted. The writ petition was allowed.
The HC quashed an assessment order under s143(3) and penalty orders under s270A and s271AAD(1)(i) due to violation of natural justice principles. The petitioner received Annexure I to a show cause notice only two days before the scheduled hearing, insufficient time to respond adequately. Though the assessment was hurried to avoid statutory limitation under s153B, the court found procedural deficiencies warranting intervention. The court balanced interests by remitting the case back to the assessing officer for fresh consideration on merits. The court clarified that cross-examination of suppliers is only permissible when their statements are relied upon, and employee statements constitute admissions unless promptly retracted. The writ petition was allowed.
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