Mere comment that there was a fake gift racket do not make gift not-genuine

IN THE ITAT LUCKNOW BENCH (THIRD MEMBER) Jai Narain Upadhyay V/s. Assistant Commissioner of Income-tax-II IT APPEAL NO. 318 (LKW.) OF 2011 [ASSESSMENT YEAR 2001-02] MAY 4, 2012 ORDER Sunil Kumar Yadav, Judicial Member This appeal is preferred by the assessee against the order of the ld. CIT(A) confirming the penalty of Rs. 30,600 under section 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred in short “the Act”). 2. Briefly, the facts borne out from the record are that return of income showing total income of Rs. 1,85,810 was furnished on 23.10.2001. On 3...