https://www.taxtmi.com/caselaws?id=204832 The Tribunal allowed the appeals, deleting the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961. It concluded that the explanations given by the assessees were bona fide, and there was no concealment of income. The decision was based on the establishment of the donor's identity and solvency, rejecting the reasons for rejection as surmises and suspicions. The findings of the lower authorities were deemed factual and not conjectures, leading to the reversal of the High Court's decision in favor of the assessees. en-us Fri, 12 Mar 2010 00:00:00 +0530 Wed, 02 Mar 2016 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204832 The Tribunal allowed the appeals, deleting the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961. It concluded that the explanations given by the assessees were bona fide, and there was no concealment of income. The decision was based on the establishment of the donor's identity and solvency, rejecting the reasons for rejection as surmises and suspicions. The findings of the lower authorities were deemed factual and not conjectures, leading to the reversal of the High Court's decision in favor of the assessees. Case-Laws Income Tax Fri, 12 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204832