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Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessee had claimed that a sum of Rs. 1,00,000 was received as gift from NRE Account maintained with bank by one 'H' - Claim of assessee was declined and proceedings for imposition of penalty under section 271(1)(c) were initiated - Tribunal had found that requirements of section 271(1)(c) were not satisfied because impugned amount claimed to be a gift had come through a banking channel and from an identifiable source, i.e., NRE Account and came to conclusion that once particulars of income had been duly declared, then it could not be concluded that assessee had concealed particulars or had furnished inaccurate particulars of his income - Whether since no evidence with regard to concealment had been placed on record by revenue, Tribunal was justified in holding that assessee had not concealed particulars or furnished inaccurate particulars of his income and, as such, no penalty under section 271(1)(c) was leviable - Held, yes CASES REFERRED TO Hindustan Steel Ltd. v. State of Orissa [1972] 83 ITR 26 (SC) [Para 2] and K.C. Builders v.Asstt. CIT [2004] 265 ITR 562/ 135 Taxman 461 (SC) [Para 2]. S.K. Garg Narwana for the Appellant. JUDGMENT M.M. Kumar, J. - The revenue has approached this Court by filing the instant appeal under section 260A of the Income-tax Act, 1961 (for brevity, 'the Act'), and has challenged order dated 31-10-2006 passed by the Income-tax Appellate Tribunal, Chandigarh Bench-A (for brevity, 'the Tribunal'), in ITA No. 649/Chandi/2005. The Tribunal has recorded a categorical finding that the gift amount claimed by the assessee came to him through banking channel from one Shri Harcharan Singh, Post Box No. 24810, Dubai (UAE). The amount was credited to the assessee from the NRE Account No. 67, maintained by the aforementioned Shri Harcharan Singh with the State Bank of Patiala, Kurali. It has further been found that the assessee has also produced gift deed and showed the impugned amount in its return. The Tribunal has further recorded a categorical finding that the revenue has not furnished any evidence to prove that the assessee had either concealed any…

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