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2011 (9) TMI 733 - HC - Income TaxPenalty u/s 271(1)(c) - Furnishing inaccurate particulars of income - In the present case the declaration made by the assessee in the return of income was that the amount of Rs.17,00,000/represents the long term capital gain arising on surrender of tenancy rights and accordingly the assessee paid taxes under the head 'income from capital gains' at the rate of 20% - The penalty is imposed not because the amount offered by the assessee has been assessed under a heading other than the heading declared by the assessee, but the penalty has been levied on account of the fact that the declaration made by the assessee regarding the source from which the income and Rs.17,00,000/has been earned has been found to be incorrect - Decided against the assessee
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