https://www.taxtmi.com/caselaws?id=213861 The tribunal canceled the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee for assessment year 2001-02. The tribunal found no evidence of deliberate concealment or furnishing inaccurate particulars by the assessee, ruling that the surrender of gifts received as income was voluntary and not part of a tax evasion scheme. The burden of proof lay with the department to establish concealment, which it failed to do. Consequently, the appeal was dismissed, favoring the assessee over the revenue. en-us Fri, 29 Jul 2011 00:00:00 +0530 Sat, 09 Jun 2012 07:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213861 The tribunal canceled the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee for assessment year 2001-02. The tribunal found no evidence of deliberate concealment or furnishing inaccurate particulars by the assessee, ruling that the surrender of gifts received as income was voluntary and not part of a tax evasion scheme. The burden of proof lay with the department to establish concealment, which it failed to do. Consequently, the appeal was dismissed, favoring the assessee over the revenue. Case-Laws Income Tax Fri, 29 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213861