https://www.taxtmi.com/caselaws?id=327897 The Tribunal allowed the appeal filed by the AO, dismissing the cross objections by the assessee. It upheld the addition of income under unproved gift, emphasizing the lack of genuineness and essential elements for a valid gift. The Tribunal also ruled in favor of levying the penalty under Section 271(1)(c) of the Income Tax Act, highlighting the need for a plausible explanation and reliable evidence to avoid penalties. The Tribunal differentiated between assessment and penalty proceedings, reversing the FAA's decision and reinstating the penalty. en-us Wed, 18 May 2016 00:00:00 +0530 Sat, 21 May 2016 12:42:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327897 The Tribunal allowed the appeal filed by the AO, dismissing the cross objections by the assessee. It upheld the addition of income under unproved gift, emphasizing the lack of genuineness and essential elements for a valid gift. The Tribunal also ruled in favor of levying the penalty under Section 271(1)(c) of the Income Tax Act, highlighting the need for a plausible explanation and reliable evidence to avoid penalties. The Tribunal differentiated between assessment and penalty proceedings, reversing the FAA's decision and reinstating the penalty. Case-Laws Income Tax Wed, 18 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327897