Gift receipts accepted, penalty waived; interest applicable. Justified 'spirit of settlement'. Conditions u/s 115BBE not met. No interference warranted.

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Gift receipts accepted, penalty waived; interest applicable. Justified 'spirit of settlement'. Conditions u/s 115BBE not met. No interference warranted.

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....The Settlement Commission's order accepting the additional income offered as cash gifts from relatives was reasonable and fair. The immunity from penalty and prosecution was ordered, but interest u/ss 234A, 234B, and 234C was to be levied. The assessee filed an affidavit u/r 8 explaining the receipt of gifts, which was not rebutted by the revenue. The Settlement Commission's conclusion to accept the explanation 'in the spirit of settlement' was justified. The Commission observed that the conditions prescribed u/s 115BBE were not met. The HC held that the Settlement Commission's reasoned order, in keeping with the spirit of settlement under Chapter XIX-A, did not warrant interference.....

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Gift receipts accepted, penalty waived; interest applicable. Justified 'spirit of settlement'. Conditions u/s 115BBE not met. No interference warranted.