https://www.taxtmi.com/caselaws?id=383108 The High Court dismissed the tax case appeal, ruling in favor of the assessee. The court emphasized the discretionary nature of penalty imposition under Section 158BFA(2) of the Income Tax Act, highlighting the importance of considering intent and circumstances in determining penalties. The Tribunal's decision to set aside the penalty levy was upheld, with the court underscoring that valuation differences in gold jewelry and diamonds did not constitute willful misconduct warranting penalty imposition. en-us Wed, 03 Jul 2019 00:00:00 +0530 Tue, 16 Jul 2019 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383108 The High Court dismissed the tax case appeal, ruling in favor of the assessee. The court emphasized the discretionary nature of penalty imposition under Section 158BFA(2) of the Income Tax Act, highlighting the importance of considering intent and circumstances in determining penalties. The Tribunal's decision to set aside the penalty levy was upheld, with the court underscoring that valuation differences in gold jewelry and diamonds did not constitute willful misconduct warranting penalty imposition. Case-Laws Income Tax Wed, 03 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383108