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2016 (7) TMI 699 - AT - Income TaxPenalty under section 271(1)(c) - outstanding capital gains tax - inaccurate particulars of income - whether assessee was under bonafide belief that there was no liability to capital gains tax? - Held that:- There was no intention of the assessee to evade tax. That full particulars were disclosed. The assessee had not declared capital gains under bonafide belief that it was not liable to pay any tax on this income. After considering the above submissions of the assessee and going through the order of the Ld. CIT(A), we find that the Ld. CIT(A) has committed no mistake while deleting the penalty levied by the AO under section 271(1)(c) of the Act upon the assessee. We do not find any infirmity in the order of the Ld. CIT(A) in deleting the penalty - Decided in favour of assessee
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