https://www.taxtmi.com/caselaws?id=187460 The Tribunal upheld the levy of penalty under Section 158BFA(2) for unexplained jewelry, dismissing the assessee's appeal. It rejected the argument that penalty proceedings were time-barred, finding them initiated correctly during assessment proceedings. The explanations provided were deemed not bona fide, with the will produced considered non-genuine. The penalty of Rs. 1,89,697 was upheld as justified. en-us Fri, 12 Mar 2010 00:00:00 +0530 Sat, 22 Oct 2016 13:58:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187460 The Tribunal upheld the levy of penalty under Section 158BFA(2) for unexplained jewelry, dismissing the assessee's appeal. It rejected the argument that penalty proceedings were time-barred, finding them initiated correctly during assessment proceedings. The explanations provided were deemed not bona fide, with the will produced considered non-genuine. The penalty of Rs. 1,89,697 was upheld as justified. Case-Laws Income Tax Fri, 12 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187460