Penalty on alleged gifts received by minor sons of assessee which are finally transferred to assessee

 Penalty is leviable within meaning of Explanation 1(B) to section 271(1)(c) in respect of alleged gifts received by minor sons of assessee which are finally found transferred to assessee’s books ITAT AHMEDABAD BENCH “D”, Saurabh Bansal Vs. ITO, APPEAL NO: ITA No. 351/Ahd/2008, DECIDED ON June 25, 2010 ORDER Per D. C. Agrawal, Accountant Member. This is an appeal filed by the assessee against the order of ld. CIT(A) in which he has confirmed the penalty of Rs.2,08,380/- under section 271(1)(c) of the Act. The assessee raised following ground :- 1. On the fac...