https://www.taxtmi.com/caselaws?id=177058 The Tribunal upheld the levy of penalties under Section 271(1)(c) of the Income Tax Act and the treatment of gifts as income from other sources. The appeals by both the assessee and the Revenue were dismissed, affirming the decisions of the lower authorities. The Tribunal found the penalties justified based on inaccurate particulars of income and the lack of genuine nature in the gifts received, supporting its decision with relevant case law. en-us Fri, 12 Dec 2014 00:00:00 +0530 Sat, 02 Jan 2016 10:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177058 The Tribunal upheld the levy of penalties under Section 271(1)(c) of the Income Tax Act and the treatment of gifts as income from other sources. The appeals by both the assessee and the Revenue were dismissed, affirming the decisions of the lower authorities. The Tribunal found the penalties justified based on inaccurate particulars of income and the lack of genuine nature in the gifts received, supporting its decision with relevant case law. Case-Laws Income Tax Fri, 12 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177058