https://www.taxtmi.com/caselaws?id=183836 The appeal against the penalty under section 271(1)(c) for furnishing inaccurate particulars of income was dismissed. The Supreme Court upheld the decision to delete the penalty imposed on the assessee as the Revenue failed to establish deliberate concealment or furnishing of inaccurate particulars of income. The surrender of the gift amount by the assessee, due to inability to prove it, did not amount to concealment. The absence of proof of bogus long-term capital gains and lack of evidence led to the confirmation of the deletion of the penalty by the CIT(A). en-us Wed, 30 Apr 2008 00:00:00 +0530 Wed, 22 Jun 2016 18:28:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183836 The appeal against the penalty under section 271(1)(c) for furnishing inaccurate particulars of income was dismissed. The Supreme Court upheld the decision to delete the penalty imposed on the assessee as the Revenue failed to establish deliberate concealment or furnishing of inaccurate particulars of income. The surrender of the gift amount by the assessee, due to inability to prove it, did not amount to concealment. The absence of proof of bogus long-term capital gains and lack of evidence led to the confirmation of the deletion of the penalty by the CIT(A). Case-Laws Income Tax Wed, 30 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183836