https://www.taxtmi.com/caselaws?id=798472 Concealment penalty does not arise merely because a disclosed gift is rejected in quantum assessment where the recipient establishes the donor's identity, creditworthiness and the genuineness of the banking trail. Donor confirmation, PAN, bank statements and the recipient's bank statement supported the source and movement of funds. Penalty under Section 271(1)(c) was therefore not imposable on the disclosed gift receipt. en-us Wed, 12 Aug 2026 00:00:00 +0530 Tue, 08 Sep 2026 08:42:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798472 Concealment penalty does not arise merely because a disclosed gift is rejected in quantum assessment where the recipient establishes the donor's identity, creditworthiness and the genuineness of the banking trail. Donor confirmation, PAN, bank statements and the recipient's bank statement supported the source and movement of funds. Penalty under Section 271(1)(c) was therefore not imposable on the disclosed gift receipt. Case-Laws Income Tax Wed, 12 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798472