https://www.taxtmi.com/caselaws?id=193457 The ITAT upheld the levy of penalty under Section 271(1)(c) and the addition of Rs. 21,07,513/- as income from other sources. The Tribunal found that the assessee failed to provide credible evidence to support the bonafide nature of the gifts and their exemption under Section 56(2)(vi). The assessee's explanation was deemed insufficient, and the penalty for concealing income was confirmed. The judgment underscores the importance of providing substantial evidence to prove the genuineness and creditworthiness of gifts to claim exemptions under the Income Tax Act. en-us Mon, 23 May 2016 00:00:00 +0530 Mon, 31 Jul 2017 08:10:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193457 The ITAT upheld the levy of penalty under Section 271(1)(c) and the addition of Rs. 21,07,513/- as income from other sources. The Tribunal found that the assessee failed to provide credible evidence to support the bonafide nature of the gifts and their exemption under Section 56(2)(vi). The assessee's explanation was deemed insufficient, and the penalty for concealing income was confirmed. The judgment underscores the importance of providing substantial evidence to prove the genuineness and creditworthiness of gifts to claim exemptions under the Income Tax Act. Case-Laws Income Tax Mon, 23 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193457