Case Law Details
Case Name : Kamal Kant Jain Vs Commissioner of Income Tax (Punjab & Haryana High Court)
Related Assessment Year :
Courts :
All High Courts Punjab and Haryana HC
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The Tribunal while upholding the levy of penalty had concluded that the assessee had failed to substantiate that the gift received was genuine. The plea of the assessee that the gift was received due to his financial difficulty was also negated on appreciation of material on record. The gifts were held to be bogus and explanation of the assessee was held to be false. It was observed as under:-
‘Now coming to the facts in case before us, the assessee has received two gifts amounting to Rs. ‘1 lakh from AmritDilawari and Rs. ‘5,46,575 from ShriCharanjeet P. Singh. During the as...
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Good observation by ITAT.