2015 (3) TMI 453

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..... onor, could not prove the genuineness of the transaction or even the identity of the donor. Even the address of the donor supplied by the appellant was found to be false. It is, therefore, apparent that the appellant made an intentional attempt to evade tax by setting up a false gift. The impugned orders passed after considering all relevant facts and recording satisfaction in terms of Section 271 .....

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..... er referred to as the 'Act'). Counsel for the appellant submits that the penalty is not warranted as all relevant facts were disclosed to the assessing officer. The mere fact that the gift was rejected and the quantum appeal was dismissed, does not automatically render the assessee liable for penalty. The gifts declared by the appellant were shown in the accounts books. The fact that th .....

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..... lant was thereafter served with a notice asking him to show cause why penalty should not be imposed. The appellant pleaded that he did not conceal anything as the gifts were duly shown in the accounts books and in the capital account filed before the assessing officer. The assessing officer rejected the explanation and proceeded to levy a minimum penalty of ₹ 66,151/-. Aggrieved by this o .....

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