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2016 (1) TMI 666 - AT - Income TaxPenalty u/s 271(1)(c) - capital gains on the sale of the said 'user data' - CIT(A) deleted the penalty - Held that:- As the assessee was under bonafide belief regarding the non taxability of the amount received as consideration on sale of 'user data'. Even the AO in the original assessment proceedings had also agreed to the claim of the assessee. This fact itself shows that the issue was debatable. As all the particulars of the sale and the non taxability of the capital gains were fully and duly disclosed in the return of income and also during the assessment proceedings. Hence, it was not a case of furnishing of inaccurate particulars of income or concealment of income. - Decided in favour of assessee
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