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2017 (2) TMI 323 - AT - Income TaxPenalty u/s 271(1)(c) - bogus gifts - Held that:- the case of the assessee represents a classic case of creating the dubious capital. The assessee is owned agricultural income which has been found to be not justified and the gifts from co-owner brother Shri Vinodbhai Patel has been found to be not correct as the bills were found to be bogus. In view of these facts and circumstances, I find no infirmity in the order of the ld. CIT(A) which is upheld. Accordingly, this appeal of the assessee is dismissed.
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