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TMI Blog2004 (9) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 search, gold/diamond ornaments valued at Rs. 4,59,250 were found in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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 the second proviso of sub-s. (2) of s. 158BFA and she is liable to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate 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 applying the above criteria as contained in para 9 above, in the case of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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." 4. Before us, the learned Departmental Representative relied upon the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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