https://www.taxtmi.com/caselaws?id=180713 The Tribunal canceled penalties imposed under section 271(1)(c) of the Income Tax Act for the assessees in two cases. In the first case, the Tribunal found that the assessee provided sufficient evidence and explanations regarding the source of income, overturning the penalty imposed for failure to prove the genuineness of a gift. In the second case, the Tribunal considered the non-maintenance of books of account and the pending quantum appeal, leading to the cancellation of the penalty under section 68. The penalties were canceled as the explanations were deemed bona fide and supported by evidence. en-us Thu, 04 Apr 2013 00:00:00 +0530 Thu, 31 Mar 2016 18:14:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180713 The Tribunal canceled penalties imposed under section 271(1)(c) of the Income Tax Act for the assessees in two cases. In the first case, the Tribunal found that the assessee provided sufficient evidence and explanations regarding the source of income, overturning the penalty imposed for failure to prove the genuineness of a gift. In the second case, the Tribunal considered the non-maintenance of books of account and the pending quantum appeal, leading to the cancellation of the penalty under section 68. The penalties were canceled as the explanations were deemed bona fide and supported by evidence. Case-Laws Income Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180713