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2016 (1) TMI 639 - AT - Income TaxAddition on LTCG on which the STT was not paid - penalty u/s 271(1)(c) - whether by claiming an amount representing long term capital gain, on which STT was not paid, as exempt u/s 10(38) the assessee is furnishing inaccurate particulars of his income within the meaning of the provisions of section 271(1)(c) as held by the Authorities below? - Held that:- The Hon'ble Jurisdictional High Court, in "CIT vs. The Shahabad Co-op. Sugar Mills" (2009 (10) TMI 154 - PUNJAB & HARYANA HIGH COURT), has held that making of wrong claim is not at par with concealment or giving of inaccurate information, which may call for levy of penalty u/s 271(1)(c) of the Act. For the above discussion, finding force in the grievance sought to be raised by the assessee, the same is accepted. The levy of penalty, as confirmed by the ld. CIT(A) is, hence, set aside and cancelled. - Decided in favour of assessee
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