2004 (9) TMI 292

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....order of learned CIT(A)-IV, Surat dt. 27th March, 2002 passed for block assessment years starting from 1987-88 to 1997-98. 2. The grievance of Revenue relates to deletion of penalty levied under s. 158BFA(2) of the IT Act. 2.1 The brief facts of the case are that search and seizure operation was carried out on the residential premises of Smt. Sunita M. Pethani on 3rd Feb., 1997. During the s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....block period on 24th Sept., 1998 declaring undisclosed income at nil. However, subsequently she has paid the tax on the value of jewellery, i.e., Rs. 2,75,000 at the rate specified under s. 113 of the IT Act. The AO was of the opinion that the assessee instead of paying the tax at a higher rate meant for the block assessment had paid the tax at the normal rate. Therefore, her case is covered by th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....into consideration while deciding the issue. (2) Was there any deliberate attempt on part of the assessee to defraud the Revenue. (3) Whether the assessee acted with wilful intention. (4) Whether the assessee deliberately acted in defiance of law. (5) Whether the assessee was guilty to conduct contumacious or dishonest or acted in conscious disregard of his obligation. 10. On applyi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....she has not acted fraudulently. (5) They have co-operated with the Department in completion of the assessment, payment of taxes and in completing the penal proceedings. 11. From the above criteria/guidelines as emerged out from the various Court decisions as contained in para 9, it becomes obvious that penalty imposed by the AO under s. 158BFA(2) is not justified and the same is deleted." ....