Levy of penalty for declaration of in-genuine gift in revised return u/s. 139(5) of IT Act

RELEVANT PARAGRAPH 12. We have considered the rival submissions and perused the material on record. The undisputed fact is that return filed by the assessee on 31.7.2001 did not contain any information with respect to the amount of gifts received by the assessee in the name of his children. That return was processed under section 143(1) on 1.2.2002 and notice under section 143(2) was also issued on 14.2.2002 and compliance was required to be made on 1.4.2002 which was not made. Later, Department carried out investigation into the racket of bogus gifts at Kanpur wherein unaccounted money was la...