Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (6) TMI 181 - HC - Income TaxWhether Tribunal was justified in law in cancelling the penalty u/s 271(1)(c) without appreciating that the surrender of income on account of bogus gift by the assessee partly by filing a revised return and partly by surrender before the Ld. CIT(A) was not voluntary but was only after the scam of giving and accepting bogus gifts was detected by the Investigation Wing of the Department - Held that:- assessee-respondent had produced Smt. Usha Jain. She accepted having made a gift to the assessee-respondent and proved the source of the gift by furnishing statement of her saving bank account. assessee is not a person who has failed to offer an explanation or the explanation offered by her was found to be false or that she was unable to substantiate the explanation or that the transactions were not bona fide so as to attract the deeming provision contained in Explanation 1(B) to Section 271(1)(c) of the Act. tribunal has come to a conclusion and recorded a finding that there is no primary evidence to establish that the assessee has concealed her income or furnished inaccurate particular, no exception to the same can be taken. it cannot be held that the surrender/disclosure on the part of the assessee-respondent was not voluntarily. - Decided in favour of the assessee-respondent and against the revenue.
|