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2018 (5) TMI 1603 - AT - Income TaxPenalty u/s 271(1)(c) - no tax paid on sale of property - Held that:- It is the claim of the assessee that he was ill advised by counsel and the assessee being illiterate was having no knowledge of nitty-gritty's of the complex provision of 1961 of the Act. It was claimed that assessee was told by his tax practitioner that since he has purchased new residential properties and hence there is no need to pay tax on the sale of properties. The assessee has claimed that once he came to know that he is liable to pay tax he came forward and deposited income-tax after declaring the said income during the course of assessment proceedings Thus assessee has come forward with a bonafide explanation and the conduct of the assessee is bonafide which takes it out from exigibility of penalty within mandate of penalty provisions as are contained in section 271(1)(c) and hence no penalty is exigible on the assessee - Decided in favour of assessee.
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