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2014 (8) TMI 729 - PUNJAB & HARYANA HIGH COURTPenalty u/s 271(1)(c) - credit worthiness and genuineness of the transaction - Gifts by family friends – Identity of donee proved or not – Held that:- The Tribunal rightly upheld the levy of penalty and concluded that the assessee had failed to substantiate that the gift received was genuine - The plea of the assessee that the gift was received due to his financial difficulty was also negated on appreciation of material on record - The gifts were held to be bogus and explanation of the assessee was held to be false - huge bank balance in the Saving Bank Account in the Financial Year 2002- 03 clearly show that the assessee was not in any financial difficulty and therefore, it is clear that these are bogus gifts – the explanation given by the assessee is totally false and accordingly explanation (1) to Section 271(1)(c) would not be attracted – thus, no substantial question of law arise for consideration - Decided against Assessee.
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