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2016 (5) TMI 1376 - AT - Income TaxLevy of penalty u/s 271(1)(c) - addition on account of gifts received by the assessee from his NRI relatives and friends on the occasion of the marriage of his daughter - no bonafide explanation - Held that:- No fresh evidence or fresh circumstances were produced by the assessee at penalty stage to explain the penalty matter. There is no bonafide explanation on the part of the assessee that gift amount is exempted from tax because assessee is not entitled for any exemption of income under section 56(2)(vi) of the Income Tax Act. It is a case of no evidence and no explanation offered by assessee to explain the genuineness of the gift in the matter. Assessee merely gave name of the donors but did not prove their identity, creditworthiness and genuineness of the transaction in the matter and further claim of assessee under section 56(2)(vi) was found to be wrong and bogus. Since assessee did not offered any explanation and whatever explanation was offered was not substantiated through any evidence or material on record therefore explanation 1 to section 271(1)(c) of the Income Tax Act is clearly attracted in the case of assessee and will prove deemed concealment on the part of the assessee so as to levy the penalty under section 271(1)(c) of the Income Tax Act. Thus Authority below have rightly levied the penalty under section 271(1)(c) of the Act against the assessee. - Decided against assessee.
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