| |
| The Tax Publishers2020 TaxPub(DT) 0723 (Bom-HC) : (2020) 312 CTR 0213 INCOME TAX ACT, 1961
Section 271(1)(c)
Merely because AO did not accept stand of assessee, wherein he did not disclose capital gains on sale of leasehold rights in property claiming the same as self generated asset, it would not automatically permit revenue to impose penalty under section 271(1)(c).
|
Penalty under section 271(1)(c) - Bona fide claim of assessee - AO did not accept plea of assessee and made addition of capital gains -
Issue was as regards imposition of penalty under section 271(1)(c). Penalty was imposed on allegation that assessee failed to disclose capital gains. Held: Assessee filed a letter giving information to effect that capital gain accruing on account of sale of leasehold rights in property was not included in computation on belief that it was self generated asset. Further, reference to chartered accountant's opinion in favour of assessee made by Tribunal also could not be discarded. Merely because AO did not accept stand of assessee, it would not automatically permit revenue to impose penalty.
Followed:CIT v. A. Sreenivasa Pai (2000) 242 ITR 29 (Ker) : 2000 TaxPub(DT) 0983 (Ker-HC); Mak Data (P) Ltd. v. CIT (2013) 263 CTR (SC) 1 : 2013 TaxPub(DT) 2358 (SC); Union of India & Ors. v. Dharmendra Textiles Processors & Ors. (2008) 306 ITR 277 (SC) : 2008 TaxPub(DT) 2320 (SC)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
 SUBSCRIBE FOR FULL CONTENT
OR Try Reload the Page |