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2023 (7) TMI 1388 - ITAT AHMEDABADPenalty u/s 271(1)(c) - AO noted that the capital gain shown by the assessee in the statement of income as a credit entry was rejected and the addition was made in respect of non-granting of LTCG - HELD THAT:- Fact remains that the assessee at no point of time concealed its particulars of income or filed inaccurate particulars of income at any stage of revealing its income to the revenue authorities. Thus, in the present case Section 271(1)(c) does not apply as the assessee at no point of time concealed its income from the revenue authorities. Thus, the AO as well as the CIT(A) was not right in levying penalty under Section 271(1)(c) of the Act. Hence, the appeal of the assessee is allowed.
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