https://www.taxtmi.com/caselaws?id=253202 The High Court of Bombay upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the Assessee for concealing income by presenting incorrect and non-genuine claims of gift. The Court found that the penalty was justified as the Assessee was aware of the incorrectness of the claims. The Court dismissed the Appeal, stating that there was no substantial question of law raised and referred to a Supreme Court judgment emphasizing that complete disclosure would warrant setting aside the penalty. en-us Wed, 05 Nov 2014 00:00:00 +0530 Tue, 18 Nov 2014 16:52:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253202 The High Court of Bombay upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the Assessee for concealing income by presenting incorrect and non-genuine claims of gift. The Court found that the penalty was justified as the Assessee was aware of the incorrectness of the claims. The Court dismissed the Appeal, stating that there was no substantial question of law raised and referred to a Supreme Court judgment emphasizing that complete disclosure would warrant setting aside the penalty. Case-Laws Income Tax Wed, 05 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253202