https://www.taxtmi.com/caselaws?id=370036 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2010-11. The Tribunal emphasized the lack of clear evidence establishing exclusive ownership of the jewellery found during the search, particularly in the absence of supporting material or details regarding other assets acquired post-marriage. It highlighted the burden on the assessee to prove ownership and control over specific jewellery, pointing out the absence of conclusive proof warranting penalty imposition. en-us Tue, 28 Aug 2018 00:00:00 +0530 Thu, 08 Nov 2018 10:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370036 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2010-11. The Tribunal emphasized the lack of clear evidence establishing exclusive ownership of the jewellery found during the search, particularly in the absence of supporting material or details regarding other assets acquired post-marriage. It highlighted the burden on the assessee to prove ownership and control over specific jewellery, pointing out the absence of conclusive proof warranting penalty imposition. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370036