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2019 (8) TMI 1419 - HC - Income TaxPenalty u/s 271(1)(c) - addition u/s 68 on gift received - HELD THAT:- In the present case, the Assessing Officer did not record any finding as to incorrect, erroneous or false return of income filed by the assessee which could lead to the fact that assessee has furnished inaccurate particulars of income and make him liable for penalty under Section 271(1)(c) of the Act. AO had only doubted the genuineness of the gifts on ground of human probabilities and had also doubted the creditworthiness of donors and genuineness of transaction. The Tribunal on the other hand had recorded finding regarding the identity of creditors, their creditworthiness and genuineness of the transactions which were before the AO but he had not properly appreciated the same and discarded and doubted the genuineness of gifts on ground of human probabilities, though they were tax payers and the amounts gifted had been disclosed in their tax return for relevant year. Instant case, is not a case of either concealment of income or of furnishing inaccurate particulars as neither the assessing authority nor first appellate authority recorded any finding to such effect that details furnished by the assessee to be incorrect, erroneous or false. We are of the considered opinion that the Tribunal had recorded finding of fact that no penalty can be imposed u/s 271(1)(c) of the Act as Revenue has failed to establish that assessee has concealed income or furnished inaccurate particulars. - Decided in favour of assessee.
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