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2017 (1) TMI 903 - ITAT MUMBAIPenalty u/s. 271(1)(c) - Assessee had sold depreciable assets and had claimed STCG - Held that:- penalty u/s. 271(1)(c) cannot be levied automatically if the issue is only about had under which the particular income should be assessed. In the case under consideration, the assessee had filed all the necessary details about the share transaction, that the AO and the assessee had difference of opinion about the treatment to be given to the said transaction. All the details of the transactions were available to the AO. Therefore, it could not be held that assessee had filed inaccurate particulars of income had concealed the particulars of income. - Decided in favour of assessee
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