https://www.taxtmi.com/caselaws?id=245040 The Tribunal upheld penalties imposed under Section 271(1)(c) of the Income Tax Act, amounting to Rs. 66,151 and Rs. 1,32,259 for the assessment year 2003-04. The penalties were confirmed as the assessee failed to prove the genuineness of the gift and the donor's credibility, who was involved in providing accommodation entries. Despite the assessee's arguments, the Tribunal found the evidence lacking and dismissed the appeals, affirming the findings of the Assessing Officer and Commissioner of Income Tax (Appeals). The penalties were upheld on 11th March 2014. en-us Tue, 11 Mar 2014 00:00:00 +0530 Tue, 18 Mar 2014 12:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245040 The Tribunal upheld penalties imposed under Section 271(1)(c) of the Income Tax Act, amounting to Rs. 66,151 and Rs. 1,32,259 for the assessment year 2003-04. The penalties were confirmed as the assessee failed to prove the genuineness of the gift and the donor's credibility, who was involved in providing accommodation entries. Despite the assessee's arguments, the Tribunal found the evidence lacking and dismissed the appeals, affirming the findings of the Assessing Officer and Commissioner of Income Tax (Appeals). The penalties were upheld on 11th March 2014. Case-Laws Income Tax Tue, 11 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245040