https://www.taxtmi.com/caselaws?id=178420 The Tribunal allowed the revenue's appeal, setting aside the CIT(Appeals) order and restoring the penalty imposed by the AO under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the penalty order was not barred by limitation and upheld the penalty for furnishing inaccurate particulars of income, as the assessee failed to substantiate the explanation regarding the gifts. en-us Fri, 29 May 2009 00:00:00 +0530 Thu, 04 Feb 2016 13:06:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178420 The Tribunal allowed the revenue's appeal, setting aside the CIT(Appeals) order and restoring the penalty imposed by the AO under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the penalty order was not barred by limitation and upheld the penalty for furnishing inaccurate particulars of income, as the assessee failed to substantiate the explanation regarding the gifts. Case-Laws Income Tax Fri, 29 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178420