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| The Tax Publishers2020 TaxPub(DT) 1932 (Bang-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Since assessee voluntarily declared fact of omission to declare long term capital gain in return of income before AO during course of assessment proceedings, thus, penalty was not leviable on long term capital gain declared by assessee.
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Penalty under section 271(1)(c) - Validity - Inadvertent omission on part of assessee to declare long term capital gain in his return of income -
Issue was as regards imposition of penalty under section 271(1)(c) for long term capital gain as assessee omitted to declare long term capital gain in the return of income. Held: There was inadvertent omission on part of assessee to declare long term capital gain in his return of income, since sale consideration received on sale of land was shown as sundry creditors in books of account. Assessee voluntarily declared fact of omission to declare long term capital gain in return of income before AO during course of assessment proceedings. Thus, penalty was not leviable on long term capital gain declared by assessee.
Followed:Price Water House Coopers Pvt. Ltd. [(2012) 348 ITR 306 (SC) : 2012 TaxPub(DT) 2967 (SC)]; MAK Data Pvt. Ltd.[ (2013) 38 Taxman.com 448 (SC) : 2013 TaxPub(DT) 2358 (SC)]
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 271(1)(c)
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