9911796707
TMI Blog2012 (12) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... , during the relevant year, disclosed that he has received a sum of Rs. 3,51,000/- as and by way of gift from one Shiv Prasad Jagat Ram Kala. The said sum was received by cheque drawn on an NRE account maintained with Union Bank of India, Rajpur Road, Dehradun. In course of assessment proceedings, the assessee produced, both, the Deed of Gift as well as an affidavit purported to have been executed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 3,51,000/- was added to the income of the assessee during the relevant period. 2. The Appeal preferred against the said addition was not pressed unconditionally. Subsequent thereto, penalty proceeding under Section 271(1)(c) of the Income Tax Act, 1961 was initiated. The Assessing Officer levied the minimum penalty of Rs. 1,40,400/- under Section 271(1)(c) of the Act. Commissioner of Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y person under this Act,- Such person offers an explanation which he is not able to substantiate and fails to prove that such explanation is bona fide and that all the facts relating to the same and material to the computation of his total income have been disclosed by him, then, the amount added or disallowed in computing the total income of such person as a result thereof sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r family, has no relationship with the assessee and held out that finance of Shiv Prasad Jagat Ram Kala could not permit him to make such a gift. Therefore, in the instant case, if Shiv Prasad Jagat Ram Kala, the holder of the said NRE account, is the same Shiv Prasad Jagat Ram Kala, whose family was located in the village, then, there is no bona fide on the part of the assessee to substantiate th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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