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2013 (8) TMI 969 - HC - Income TaxPenalty u/s 271(1)(c) - Held that:- CIT (Appeals) and so also the Tribunal both have considered the matter, in detail and finally arrived at a correct conclusion that the income declared by the assessee from the long-term capital gain by selling agricultural land disclosed by the assessee in his revised return of income was accepted by the assessing authority and there was no material available on record by which there could be an inference drawn by the authority that it was a deliberate concealment on the part of the assessee and it could not be considered that there was an inaccurate particular of income that was made the basis for inflicting penalty upon the assessee in exercise of powers conferred u/S. 271(1)(c) of the Act.
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