https://www.taxtmi.com/caselaws?id=55326 The Tribunal upheld the penalty imposed under section 271(1)(c) of the IT Act, 1961, on the assessee for concealing income related to a bogus NRI gift. Despite filing a revised return acknowledging the income, the Tribunal found the initial concealment deliberate and dishonest, not absolved by the subsequent disclosure. Citing relevant precedents, the Tribunal dismissed the appeal, affirming the penalty due to the assessee's contumacious behavior and failure to substantiate the genuineness of the transaction. en-us Sun, 13 Jul 2003 00:00:00 +0530 Thu, 25 Nov 2010 15:23:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55326 The Tribunal upheld the penalty imposed under section 271(1)(c) of the IT Act, 1961, on the assessee for concealing income related to a bogus NRI gift. Despite filing a revised return acknowledging the income, the Tribunal found the initial concealment deliberate and dishonest, not absolved by the subsequent disclosure. Citing relevant precedents, the Tribunal dismissed the appeal, affirming the penalty due to the assessee's contumacious behavior and failure to substantiate the genuineness of the transaction. Case-Laws Income Tax Sun, 13 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55326