https://www.taxtmi.com/caselaws?id=56588 Penalty under section 17(1)(c) of the Gift-tax Act cannot be imposed merely because a transaction is assessed as a deemed gift under section 4(1)(c). The department must independently prove conscious concealment of a gift or deliberate furnishing of inaccurate particulars. On the facts, the assessee had a bona fide basis for treating the release of debt as part of an arrangement to reimburse the Bombay company for loss on sale of shares, and the omission to complete Part IIIB of the return did not by itself establish concealment. The penalty was therefore held unsustainable and cancelled. en-us Sat, 17 Sep 1983 00:00:00 +0530 Sat, 04 Dec 2010 17:02:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56588 Penalty under section 17(1)(c) of the Gift-tax Act cannot be imposed merely because a transaction is assessed as a deemed gift under section 4(1)(c). The department must independently prove conscious concealment of a gift or deliberate furnishing of inaccurate particulars. On the facts, the assessee had a bona fide basis for treating the release of debt as part of an arrangement to reimburse the Bombay company for loss on sale of shares, and the omission to complete Part IIIB of the return did not by itself establish concealment. The penalty was therefore held unsustainable and cancelled. Case-Laws Income Tax Sat, 17 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56588