https://www.taxtmi.com/caselaws?id=239298 The Tribunal allowed the assessee's appeal, directing the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act. The Tribunal found that since the income was declared in the return filed under Section 153A, there was no concealment or furnishing of inaccurate particulars warranting the penalty. The Tribunal emphasized that the assessee's disclosure was made to avoid litigation, and there was prima facie evidence supporting the genuineness of the gifts received. As a result, the penalty was not sustainable, and the appeal was partly allowed. en-us Tue, 23 Apr 2013 00:00:00 +0530 Sun, 10 Nov 2013 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239298 The Tribunal allowed the assessee's appeal, directing the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act. The Tribunal found that since the income was declared in the return filed under Section 153A, there was no concealment or furnishing of inaccurate particulars warranting the penalty. The Tribunal emphasized that the assessee's disclosure was made to avoid litigation, and there was prima facie evidence supporting the genuineness of the gifts received. As a result, the penalty was not sustainable, and the appeal was partly allowed. Case-Laws Income Tax Tue, 23 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239298