https://www.taxtmi.com/caselaws?id=248623 The Tribunal allowed the appeal of the assessee, overturning the penalty imposed under section 271(1)(c) based on the addition under section 68 of the Income Tax Act. The Tribunal emphasized the necessity of evidence demonstrating conscious concealment or furnishing of inaccurate particulars to justify a penalty under section 271(1)(c) and concluded that deeming provisions under section 68 alone were insufficient grounds for penalty imposition. The Tribunal relied on legal precedents and the evidence provided by the assessee to support the genuineness of the gifts, leading to the deletion of the penalty. en-us Thu, 22 Aug 2013 00:00:00 +0530 Fri, 20 Jun 2014 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248623 The Tribunal allowed the appeal of the assessee, overturning the penalty imposed under section 271(1)(c) based on the addition under section 68 of the Income Tax Act. The Tribunal emphasized the necessity of evidence demonstrating conscious concealment or furnishing of inaccurate particulars to justify a penalty under section 271(1)(c) and concluded that deeming provisions under section 68 alone were insufficient grounds for penalty imposition. The Tribunal relied on legal precedents and the evidence provided by the assessee to support the genuineness of the gifts, leading to the deletion of the penalty. Case-Laws Income Tax Thu, 22 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248623