https://www.taxtmi.com/caselaws?id=458439 The HC upheld penalty under Section 271(1)(c) for unsubstantiated gift receipts from assessee's brother, as no evidence was provided to prove the gift transaction. However, the court deleted penalties on two grounds: addition for difference in opening balance of capital account since it was reflected in original returns before block assessment with no reopening, and disallowance of claims under Sections 54B and 54F where capital gains were already assessed to tax in original returns and subsequent deduction claims in block returns were rejected. The penalty was confirmed only for advances received from prospective land buyers to the extent determined by the Tribunal. Appeal was partly allowed. en-us Mon, 11 Dec 2023 00:00:00 +0530 Sat, 26 Oct 2024 19:28:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458439 The HC upheld penalty under Section 271(1)(c) for unsubstantiated gift receipts from assessee's brother, as no evidence was provided to prove the gift transaction. However, the court deleted penalties on two grounds: addition for difference in opening balance of capital account since it was reflected in original returns before block assessment with no reopening, and disallowance of claims under Sections 54B and 54F where capital gains were already assessed to tax in original returns and subsequent deduction claims in block returns were rejected. The penalty was confirmed only for advances received from prospective land buyers to the extent determined by the Tribunal. Appeal was partly allowed. Case-Laws Income Tax Mon, 11 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458439