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

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