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Commissioner of Income-Tax Versus Sunila Sharma

2015 (7) TMI 1083 - PUNJAB AND HARYANA HIGH COURT

Penalty under section 271(1)(c) - undisclosed gifts - Held that:- The assessee furnished the details regarding the bank accounts from where she got the gifts, the dates, the details of the bank accounts and the demand drafts of Toronto Dominion Bank, Canada, were furnished to substantiate that the gift was from her brother who was residing at Canada. The concealment, as such, in the facts and circumstances, was missing, as admittedly, it was not that the amount was detected subsequently but the .....

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such illegality which would warrant interference. - Decided in favour of assessee - I. T. A. No. 57 of 2013 (O&M) - Dated:- 31-7-2015 - S. J. Vazifdar (ACJ) And G. S. Sandhawalia, JJ. For the Petitioner : Denesh Goyal For the Respondent : Salil Kapoor, Sanat Kapoor JUDGMENT G. S. Sandhawalia, J. 1. The present appeal, filed by the Revenue is directed against the order of the Income-tax Appellate Tribunal, Amritsar, which allowed the appeal of the assessee and set aside the penalty imposed under .....

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y the Assessing Officer at ₹ 46,09,590 ? (ii) On the facts and in the circumstances of the case whether the Income-tax Appellate Tribunal was correct to direct the Assessing Officer to cancel the penalty levied under section 271(1)(c) of the Income-tax Act, 1961, at ₹ 46,09,590 in the case wherein the asses see has totally failed to fulfil the basic ingredients laid down under section 68 of the Income-tax Act, 1961, for furnishing confirmations in writing in the form of irrevocable g .....

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ncome-tax Act, 1961 ?" 3. The respondent, along with the return, had appended a note in the computation of the income that during the relevant year, she had received a gift from her brother to the tune of ₹ 1,33,88,413 and from her sister to the tune of ₹ 1 lakh, through bank drafts which had been credited into her savings bank accounts. On account of explanation sought by the Department, she represented on July 12, 2011, that she had received the gifts as her brother was residi .....

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oceedings be not initiated. 4. On August 10, 2011, an explanation was given by the assessee that a sum of ₹ 77,75,37.97 and ₹ 56,14,035.09 were received from her brother by way of demand drafts, drawn on Toronto Dominion Bank, Canada. Further explanation was given that her relationship had got strained with him and she was not able to contact him and he had shifted to some other country. The amount was offered for taxation to the Department voluntarily. Further explanation was given .....

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, initiated proceedings for furnishing inadequate particulars of income. The Assessing Officer, accordingly, came to the conclusion that on account of failure to substantiate her claim and to furnish the documentary evidence, inaccurate particulars had been furnished and levied penalty, vide order dated February 16, 2012. 6. An appeal was preferred unsuccessfully before the Commissioner of Income-tax (Appeals), Amritsar, by the assessee, which was dismissed on May 29, 2012, as the conclusive con .....

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ed the matter further to the Income-tax Appellate Tribunal, Amritsar (for short, "the Tribunal") successfully, as noticed above, which noticed that the gifts had been declared as note to the computation of income filed with the return of income. The explanation that her relationship had become strained since the tax return had been given 2 years earlier before the assessment proceedings and, therefore, confirmation could not be procured, was accepted. The tax had been offered and paid .....

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