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2013 (12) TMI 1358 - ITAT JAIPURPenalty u/s 271(1)(c) of the act – Bogus and unexplained gifts – Held that:- The assessee has furnished particulars of gifts in the return of income originally filed by him – the particulars are not found false as no such satisfaction is found recorded in the orders of the authorities below - There is also no finding by the authorities below as to whether any details supplied in the return are incorrect, erroneous or false – thus, it could not be a case of furnishing inaccurate particulars by the assessee for inviting penalty under section 271(1)(c) of the Act - Following CIT v. Reliance Petroproducts (P.) Ltd. [2010 (3) TMI 80 - SUPREME COURT] - The assessing authority made no enquiry but jumped to the conclusion of imposition of penalty on the basis of quantum addition sustained by the Appellate Tribunal - Even the satisfaction as envisaged by section 271(1B) of the Act is not discernable from the body of the assessment order - The explanation furnished by the assessee is found bona fide – thus, the penalty imposed is set aside – Decided in favour of Assessee.
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