2011 (2) TMI 604

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....the appellant-Revenue.   Mr. D.K. Goyal, Advocate for the respondent.   AJAY KUMAR MITTAL, J.   1. This appeal under Section 260A of the Income-Tax Act, 1961 (for short "the Act") has been filed by the Revenue against the order dated 2.3.2006, passed by the Income Tax Appellate Tribunal New Delhi Bench 'SMC', New Delhi (in short "the Tribunal") in ITA No. 4892/DEL/2005, rel....

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....nitiated against the assessee, the amount equal to the amount of the gift, i.e. Rs. 1,75,000/- and Rs. 17,500/- on account of premium at the rate of 10% were added to the income of the assessee. The Commissioner of Income-tax (Appeals) {in short "the CIT(A)"}, confirmed the order of the assessing officer whereas the Tribunal accepted the appeal of the assessee and deleted the penalty vide order da....

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....stified in deleting the penalty levied against the assessee under Section 271(1)(c) of the Act. 7. The gift amounting to Rs. 1,75,000/- said to have been received by the assessee was held to be bogus. Once that is so, the only conclusion is that the assessee had furnished inaccurate particulars of his income and the order of the Tribunal deleting the penalty is unsustainable in law. Accordingly....