Taxpayer Avoids Penalties for Unexplained Cash Credits After Clarifying Gift Claim with Direct Evidence.

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....Unexplained cash credit/deposits u/s 68 - just because the assessee made a wrong statement during the assessment proceedings, stating that the difference belongs to the gift received from his wife, does not mean that the assessee should be punished, particularly when the assessee has direct evidences to explain the difference. - AT....