9911796707
TMI Blog2012 (12) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... ily, 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. Thus in the event, Shiv Prasad Jagat Ram Kala, whose address was given to the bank, and whose family was located at a village are different people, then, there is total failure on the part of the assessee to prove that Shiv Prasad Jagat Ram Kala, whose address was given to the bank, made the gift as the Deed of Gift and the affidavit alleged to have been signed by Shiv Prasad Jagat Ram Kala was not substantiated. The matter, therefore, squarely comes within the Explanation 1(B) to the Section and, accordingly, there is deemed concealment of the income by the assessee - set aside the order of the Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sum 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 Appeals deleted the penalty and the said deletion has been affirmed by the Tribunal principally on the ground that there was no bona fide failure on the part of the assessee in substantiating the explanation pertaining to the gift, as was furnished by him. Section 271(1)(c) of the Act is as follows: If the Assessing Officer or the Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m Kala in a village. The family represented that Shiv Prasad Jagat Ram Kala, who is a member of their 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 the explanation of gift as was given by him and also failure on his part to disclose facts relating to computation of his income pertaining to the said receipt of Rs. 3,51,000/-. In the event, Shiv Prasad Jagat Ram Kala, whose address was given to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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