https://www.taxtmi.com/caselaws?id=325264 The ITAT confirmed the penalty imposed by the AO under section 271(1)(c) on income declared in a revised return following a search operation uncovering bogus gifts. The ITAT held that the revised return was not voluntary, aimed at addressing bogus transactions rather than correcting tax evasion. Emphasizing the gravity of involvement in a black money racket, the ITAT upheld the penalty, dismissing the assessee's appeal and citing legal precedents that mens rea is not required for penalty imposition in such cases. en-us Tue, 02 Feb 2016 00:00:00 +0530 Tue, 15 Mar 2016 13:57:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325264 The ITAT confirmed the penalty imposed by the AO under section 271(1)(c) on income declared in a revised return following a search operation uncovering bogus gifts. The ITAT held that the revised return was not voluntary, aimed at addressing bogus transactions rather than correcting tax evasion. Emphasizing the gravity of involvement in a black money racket, the ITAT upheld the penalty, dismissing the assessee's appeal and citing legal precedents that mens rea is not required for penalty imposition in such cases. Case-Laws Income Tax Tue, 02 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325264