https://www.taxtmi.com/caselaws?id=272791 The Tribunal upheld the imposition of penalty under Section 271(1)(c) and the addition of Rs. 4,00,000 as unexplained credit under Section 68. The assessee's appeal was dismissed as the genuineness of the NRI gift was not proven, and the Tribunal found the AO's initiation of penalty proceedings justified based on the concealment of income or furnishing inaccurate particulars. The Tribunal emphasized the need for evidence to establish the donor's capacity to make the gift, which was lacking in this case. en-us Wed, 08 Jun 2016 00:00:00 +0530 Fri, 18 May 2018 05:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272791 The Tribunal upheld the imposition of penalty under Section 271(1)(c) and the addition of Rs. 4,00,000 as unexplained credit under Section 68. The assessee's appeal was dismissed as the genuineness of the NRI gift was not proven, and the Tribunal found the AO's initiation of penalty proceedings justified based on the concealment of income or furnishing inaccurate particulars. The Tribunal emphasized the need for evidence to establish the donor's capacity to make the gift, which was lacking in this case. Case-Laws Income Tax Wed, 08 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272791