https://www.taxtmi.com/caselaws?id=250779 The Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 on the assessee for gifts received, considering them as income from other sources. Despite the gifts being received through proper banking channels from NRIs, the Court found them to be bogus based on the assessee's explanations and bank statements, concluding that the assessee concealed income particulars. The Tribunal's decision was upheld, dismissing the appeal as it found no merit in the argument that the gifts were genuine, emphasizing the lack of evidence and deeming the explanations false. en-us Mon, 14 Jul 2014 00:00:00 +0530 Mon, 25 Aug 2014 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250779 The Court upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 on the assessee for gifts received, considering them as income from other sources. Despite the gifts being received through proper banking channels from NRIs, the Court found them to be bogus based on the assessee's explanations and bank statements, concluding that the assessee concealed income particulars. The Tribunal's decision was upheld, dismissing the appeal as it found no merit in the argument that the gifts were genuine, emphasizing the lack of evidence and deeming the explanations false. Case-Laws Income Tax Mon, 14 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250779