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2014 (7) TMI 947 - AT - Income TaxPenalty u/s 271(1)(c) – Inaccurate particulars furnished – Held that:- The assessee has offered gain arising out of bonus shares as capital gain and paid tax on the same, assessee rightly contended that he has waited for more time to transfer the bonus shares there would have been a long term capital gain which was exempt at that point of time - there was no reason for the assessee to evade tax - the authorities below were not justified in imposing the penalty - the penalty notice was issued by the AO is also defective in view of CIT vs. Whiteford India Ltd. [2014 (2) TMI 541 - GUJARAT HIGH COURT] – Decided in favour of Assessee.
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