Taxpayer Penalized for Evading State Taxes by Misrepresenting Income as Gift u/s 271(1)(c) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Levy of penalty - assessee has tried to deprive the State by showing taxable income as not taxable in the garb of Gift. Such an action justifies invoking of the provisions of section 271(1)(c) - AT....