https://www.taxtmi.com/caselaws?id=241693 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income-tax Act. The Tribunal found that the assessee truthfully disclosed gift details in the tax return, and there was no evidence of falsity. The penalty was deemed unwarranted as the assessing authority did not investigate the gifts' genuineness and based the penalty solely on the assessment findings. The Tribunal concluded that the penalty imposition lacked merit and was canceled, citing the assessee's bona fide explanation and relevant case law. en-us Thu, 04 Apr 2013 00:00:00 +0530 Tue, 29 Oct 2013 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241693 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income-tax Act. The Tribunal found that the assessee truthfully disclosed gift details in the tax return, and there was no evidence of falsity. The penalty was deemed unwarranted as the assessing authority did not investigate the gifts' genuineness and based the penalty solely on the assessment findings. The Tribunal concluded that the penalty imposition lacked merit and was canceled, citing the assessee's bona fide explanation and relevant case law. Case-Laws Income Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241693