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2015 (11) TMI 1684 - AT - Income TaxPenalty u/s 271(1)(c) - “gift” treated as ‘income from other sources’ u/s 68 - the donor could not be produced by the assessee nor he appeared in response to the summon issued by the AO - also no documentary evidence to prove that the donor had such a huge agricultural income - Held that:- The assessee’s explanation about the genuineness of the “gift” is substantiated by various primary evidences and once these evidences have been filed, then onus shifts upon the AO to show that the assessee’s explanation and evidences are false or not bona fide. Here there has been no enquiry by the AO to rebut these evidences albeit the AO has disbelieved on the basis of certain hypothesis and premise that such a conduct of giving the gift is improbable. This hypothesis or premise, howsoever strong may be for the quantum proceedings or may have a probative value but certainly they are not sufficient so far as penalty proceedings are concerned. Once the donor has furnished his bank statement from where the amount of gift has been given, the copy of his income tax return before the AO, then without any rebuttal of such evidences by any specific enquiry, the penalty cannot be sustained. Accordingly, we delete the levy of penalty - Decided in favour of assessee.
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