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2015 (10) TMI 1269 - AT - Income TaxPenalty u/s 271(1)(c) - bogus gifts - CIT(A) deleted the penalty - Held that:- The co-ordinate Bench of the Tribunal had decided identical issue in case of late Smt. Kesar Devi Garg wife of assessee wherein the gift of ₹ 10,00,000/- was received from Shri Sanwar Mal Saraff. The quantum addition was also confirmed by the ITAT in case of late Smt. Kesar Devi Garg for A.Y. 2001-02. The penalty under section 271(1)(c) was imposed in that case which has been deleted by the co-ordinate Bench vide order dated 11th May, 2012. The assessee is no more and expired on 26.09.2006. The penalty proceedings were completed on legal heir i.e. Dr. K.C. Garg, who was in practice for more than 25 years out of India. The case law referred by the assessee are squarely applicable and the co- ordinate Bench decided the identical issue in favour of the assessee. Therefore, we uphold the order of ld. CIT (A). - Decided against revenue.
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