https://www.taxtmi.com/caselaws?id=193569 The Tribunal allowed the appeal, deleting the penalty of Rs. 2,87,700 imposed for the gift treated as income from other sources for the assessment year 2003-04. The Tribunal found that the assessee sufficiently proved the gift's genuineness and shifted the burden to the Assessing Officer to disprove it, which was not done through specific inquiry. The penalty was deemed unsustainable due to the lack of concrete evidence disproving the gift's authenticity, resulting in the penalty's deletion and in favor of the assessee. en-us Mon, 16 Nov 2015 00:00:00 +0530 Mon, 07 Aug 2017 11:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193569 The Tribunal allowed the appeal, deleting the penalty of Rs. 2,87,700 imposed for the gift treated as income from other sources for the assessment year 2003-04. The Tribunal found that the assessee sufficiently proved the gift's genuineness and shifted the burden to the Assessing Officer to disprove it, which was not done through specific inquiry. The penalty was deemed unsustainable due to the lack of concrete evidence disproving the gift's authenticity, resulting in the penalty's deletion and in favor of the assessee. Case-Laws Income Tax Mon, 16 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193569