https://www.taxtmi.com/caselaws?id=215154 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act for the Assessment Year 2004-05 on the assessee. The Tribunal found that the claim of receiving a gift of Rs. 50 lakhs was not genuine, as there was no personal attachment between the donor and the donee. The Tribunal concluded that the explanation offered by the assessee was knowingly incorrect and not genuine, leading to the imposition of the penalty. The appeal by the assessee was dismissed, and the penalty was upheld based on the factual findings and circumstances of the case. en-us Fri, 25 May 2012 00:00:00 +0530 Wed, 18 Jul 2012 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215154 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act for the Assessment Year 2004-05 on the assessee. The Tribunal found that the claim of receiving a gift of Rs. 50 lakhs was not genuine, as there was no personal attachment between the donor and the donee. The Tribunal concluded that the explanation offered by the assessee was knowingly incorrect and not genuine, leading to the imposition of the penalty. The appeal by the assessee was dismissed, and the penalty was upheld based on the factual findings and circumstances of the case. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215154