https://www.taxtmi.com/caselaws?id=186181 The Tribunal canceled the penalties imposed under section 271(1)(c) of the Income Tax Act for assessment years 2000-2001 and 2003-2004. In the first case, the Tribunal found the explanation provided by the assessee regarding a gift from her father to be bona fide, emphasizing the natural love and affection between them. Similarly, in the second case, the Tribunal noted that gifts from close relatives demonstrated natural love and affection, and the assessee had disclosed all necessary facts. In both instances, the penalties were deemed unjustified, and the appeals of the assessee were allowed. en-us Fri, 02 Mar 2012 00:00:00 +0530 Mon, 24 Jul 2017 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186181 The Tribunal canceled the penalties imposed under section 271(1)(c) of the Income Tax Act for assessment years 2000-2001 and 2003-2004. In the first case, the Tribunal found the explanation provided by the assessee regarding a gift from her father to be bona fide, emphasizing the natural love and affection between them. Similarly, in the second case, the Tribunal noted that gifts from close relatives demonstrated natural love and affection, and the assessee had disclosed all necessary facts. In both instances, the penalties were deemed unjustified, and the appeals of the assessee were allowed. Case-Laws Income Tax Fri, 02 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186181