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2016 (5) TMI 1092 - ITAT AHMEDABADPenalty u/s 271(1)(c) - concealment of income of Short Term Capital Gain - Held that:- Respectfully relying on the decisions of Hon’ble Apex Court in the case of Price Waterhouse Coopers Pvt Ltd (2012 (9) TMI 775 - SUPREME COURT ) and T. Ashok Pai (2007 (5) TMI 199 - SUPREME Court ), we are of the view that as the purchases and sale transactions were duly reflected in the investment account shown by the assessee in its balance-sheet, but due to inadvertent error, the assessee while submitting its return failed to add the Short Term Capital Gain to its income and the same has already been subjected to tax; and therefore, under these circumstances, the assessee’s case is not a fit case for being visited with penalty u/s 271(1)(c) of the Act - Decided in favour of assessee.
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