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2012 (7) TMI 653 - AT - Income TaxPenalty u/s 271(1)(c) – Held that:- Assessee has presented a wrong, incorrect and non-genuine claim of gift - assessee has presented incorrect and untrue facts regarding the amount received claiming as gift, which was found as not genuine - when the claim of the assessee was found factually incorrect, untrue and not genuine, then the benefit of bonafide explanation is not available to the assessee for the purpose of levy of penalty u/s 271(1)( c) of the Act - penalty u/s 271(1)( c) is upheld – Against assessee
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