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2019 (11) TMI 600 - AT - Income TaxPenalty u/s 271(1)(c) - wrong claim of having received a cash gift of ₹ 11 lac from own sister - HELD THAT:- In the course of penalty proceedings also the assessee could not place on record any documentary evidence which could have substantiated his explanation of having received a genuine gift of ₹ 11 lac from his sister. In our considered view, the assessee had not only failed to substantiate his explanation that he had received a cash gift of ₹ 11 lac from his sister, but he had also failed to substantiate the bonafides of his aforesaid explanation. We find that the claim of the assessee that the amount of ₹ 11 lac received as cash gift from his sister, was sourced from the gifts which she had received from her siblings and her personal savings is in fact a concocted story that was hatched in order to justify the availability of funds with her. In our considered view, the A.O had rightly observed that as the assessee had deliberately raised a wrong claim of having received a cash gift of ₹ 11 lac from his sister, therefore, the same tantamounts to concealment of income on his part. We are in agreement with the view taken by the CIT(A) that the assessee had concealed his income as per the provisions of Explanation 1(B) to Sec. 271(1)(c) of the Act. Even in the course of the proceedings before us the assessee had failed to place on record any documentary evidence which would substantiate the genuineness of the gift transaction. Accordingly, finding no infirmity in upholding of the penalty imposed by the A.O under Sec. 271(1)(c) by the CIT(A), we find no reason to dislodge the well reasoned view taken by him. - Decided against assessee
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