https://www.taxtmi.com/caselaws?id=335811 Penalty under section 271(1)(c) requires concealment of income or furnishing of inaccurate particulars, or an unsustained explanation under Explanation 1. The assessee explained cash deposits as gifts received on the occasion of his son's birthday, and the land-related addition was based on an unregistered sale deed that did not conclusively prove title or investment. On the material available, the explanation was not shown to be false or lacking bona fides, and the evidence in the quantum proceedings was insufficient to establish deliberate concealment. The penalty was therefore deleted and the addition-related penalty was held not leviable. en-us Wed, 23 Nov 2016 00:00:00 +0530 Fri, 09 Dec 2016 16:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335811 Penalty under section 271(1)(c) requires concealment of income or furnishing of inaccurate particulars, or an unsustained explanation under Explanation 1. The assessee explained cash deposits as gifts received on the occasion of his son's birthday, and the land-related addition was based on an unregistered sale deed that did not conclusively prove title or investment. On the material available, the explanation was not shown to be false or lacking bona fides, and the evidence in the quantum proceedings was insufficient to establish deliberate concealment. The penalty was therefore deleted and the addition-related penalty was held not leviable. Case-Laws Income Tax Wed, 23 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335811