Tribunal Confirms Penalty for Concealment of Gift Facts u/s 271(1)(c); Denies Benefit u/s 56(2)(vi) Proviso.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Penalty - genuineness of the gifts - There was concealment on the part of the assessee so as to levy penalty under Section 271(1)(c) of the Act. Thus, the Tribunal was right in denying benefit under Proviso to Section 56(2)(vi) - HC....