9911796707
TMI Blog2024 (3) TMI 252X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner and thereafter, the entire penalty was deleted by allowing the reconciliation of the quantum of jewellery - HELD THAT:- It is seen that the Principal Commissioner of Income Tax on suo muto re-opened the proceedings by an order dated 23.02.2021, on the basis that no reconciliation was carried out. Though the said proceeding was challenged by the petitioner before this Court in [ 2023 (11) TMI 239 - MADRAS HIGH COURT] it was rejected by this Court. That apart, the petitioner already filed petition to discharge and the same was also dismissed by the trial Court. Now the re-assessment proceedings are pending with the AO. Therefore, the proceedings cannot be said that it attained finality. Hence, there is no exoneration of the petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earch operation, gold ornaments and jewellery were found valued at Rs. 47,37,496/-. Thereafter, she was issued notice under Section 153C of the Income Tax Act, for the assessment years 2006-07 to 2011-12. 3. In response, the petitioner had filed her return of income for the assessment year 2012-13 on 11.03.2013, admitting a total income of Rs. 24,09,170/-. During the assessment proceedings, the petitioner filed a revised memo of taxable income admitting Rs. 48,39,044/- as investment made in gold and offered the same for tax. Accordingly, under Section 143(3) of the Act, order was passed on 25.03.2014 thereby determining the total income at Rs. 72,75,218/- towards undisclosed investment. The Assessing Officer simultaneously initiated penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n order dated 23.02.2021, on the basis that no reconciliation was carried out. Though the said proceeding was challenged by the petitioner before this Court in W.P.No.15854 of 2021, it was rejected by this Court. That apart, the petitioner already filed petition to discharge and the same was also dismissed by the trial Court. Now the re-assessment proceedings are pending with the Assessment Officer. Therefore, the proceedings cannot be said that it attained finality. Hence, there is no exoneration of the petitioner from all the charges. Further the quantum of jewellery found during the search was not brought in the the earlier returns filed by the petitioner. Therefore, the reconciliation of jewellery has not attained finality, in view of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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