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2015 (7) TMI 1083 - HC - Income TaxPenalty under section 271(1)(c) - undisclosed gifts - Held that:- The assessee furnished the details regarding the bank accounts from where she got the gifts, the dates, the details of the bank accounts and the demand drafts of Toronto Dominion Bank, Canada, were furnished to substantiate that the gift was from her brother who was residing at Canada. The concealment, as such, in the facts and circumstances, was missing, as admittedly, it was not that the amount was detected subsequently but the factum of the gifts from the brother and sister had been mentioned in the note in the income- tax return. The explanation was later on asked for and further particulars could not be furnished on account of sour relationship and the fact that she was not in touch with her brother who had allegedly shifted from Canada, thereafter. In such circumstances, the discretion which has been exercised by the Tribunal, in setting aside the penalty, cannot be said to be perverse or suffering from such illegality which would warrant interference. - Decided in favour of assessee
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