https://www.taxtmi.com/caselaws?id=285313 The court upheld the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961, due to the addition made on account of alleged bogus gifts received by the assessee. The Tribunal dismissed the appeals, finding no substantial question of law and affirming that the gifts were not genuine, and the assessee failed to provide a satisfactory explanation for the unexplained money introduced as gifts. en-us Thu, 26 May 2011 00:00:00 +0530 Tue, 07 Jan 2020 15:53:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285313 The court upheld the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961, due to the addition made on account of alleged bogus gifts received by the assessee. The Tribunal dismissed the appeals, finding no substantial question of law and affirming that the gifts were not genuine, and the assessee failed to provide a satisfactory explanation for the unexplained money introduced as gifts. Case-Laws Income Tax Thu, 26 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285313