https://www.taxtmi.com/caselaws?id=206487 The ITAT affirmed the CIT(A)'s decision to delete the penalty imposed on the assessee under Section 271(1)(c) of the Income Tax Act. The court found that the assessee voluntarily offered the gift amount for taxation without any evidence of deliberate concealment or fraud. The ITAT held that the AO's assessment lacked proof of the gift being bogus and concluded that the surrender was voluntary. Citing legal precedents, the court dismissed the Revenue's appeal, ruling in favor of the assessee and upholding the deletion of the penalty. en-us Mon, 31 Oct 2011 00:00:00 +0530 Thu, 03 Nov 2011 06:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206487 The ITAT affirmed the CIT(A)'s decision to delete the penalty imposed on the assessee under Section 271(1)(c) of the Income Tax Act. The court found that the assessee voluntarily offered the gift amount for taxation without any evidence of deliberate concealment or fraud. The ITAT held that the AO's assessment lacked proof of the gift being bogus and concluded that the surrender was voluntary. Citing legal precedents, the court dismissed the Revenue's appeal, ruling in favor of the assessee and upholding the deletion of the penalty. Case-Laws Income Tax Mon, 31 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206487