https://www.taxtmi.com/caselaws?id=383009 The High Court allowed the appeal, setting aside the Tribunal's order that dismissed a miscellaneous petition based on limitation grounds and upheld the penalty under Section 271(1)(c) of the Income Tax Act. The Court emphasized the need to independently assess penalty matters, considering the appellant's explanation regarding jewelry declared under the VDIS, 1997. The Court highlighted the importance of granting the assessee an opportunity to provide a detailed explanation, similar to precedents set in previous cases. The matter was remanded to the Assessing Officer for a fresh decision in accordance with the law. en-us Wed, 03 Jul 2019 00:00:00 +0530 Sat, 19 Oct 2019 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383009 The High Court allowed the appeal, setting aside the Tribunal's order that dismissed a miscellaneous petition based on limitation grounds and upheld the penalty under Section 271(1)(c) of the Income Tax Act. The Court emphasized the need to independently assess penalty matters, considering the appellant's explanation regarding jewelry declared under the VDIS, 1997. The Court highlighted the importance of granting the assessee an opportunity to provide a detailed explanation, similar to precedents set in previous cases. The matter was remanded to the Assessing Officer for a fresh decision in accordance with the law. Case-Laws Income Tax Wed, 03 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383009