SUNIL DUA Vs. THE COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity "Act") challenging the order dated 12th March, 2010 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in IT (SS) No. 84/Del/2009 for the Block Assessment Period from 1st April, 1987 to 16th January, 1998.

(2.) MR Mukesh Chand, learned Counsel for appellant submitted that as the additions to income on account of jewellery were based on estimates, neither the additions to the income nor the penalty could be levied. He pointed out that in the present case the Assessing Officer (in short "AO") himself was not sure as to whom the jewellery belonged to as he had made the additions on account of jewellery in the hands of the appellant as well as in hands of his wife. Mr. Mukesh Chand further submitted that as no notice was issued during the course of the Block Assessment proceedings for initiation of penalty under Section 158BFA(2) of the Act, penalty proceedings were time barred. In this connection, he referred to the assessment order dated 31st January, 2000 for the aforesaid Block Assessment Period passed by the Joint Commissioner of Income Tax.

(3.) MOREOVER , upon a perusal of the record, we find that the Joint Commissioner in his order dated 31st January, 2000 had not only completed the assessment but had also stated that penalty proceedings under Section 158BFA of the Act had already been separately initiated.