Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 1590 - HC - Income TaxPenalty u/s 271(1)(c) - assessee had computed tax at the concessional rate - lower computation of payable tax on capital gain - revised return filed - HELD THAT:- The issue pertains to penalty imposed by the AO u/s 271(1)(c). Such penalty was deleted by the Tribunal. The Tribunal noticed that the assessee had made full disclosure of the storm term capital gain, however, had computed the tax at lower rate which the assessee did not qualify since the said shares did not offer security transaction tax. Upon such error being pointed out, the assessee without any opposition promptly revised the return. Tribunal viewed the lower computation of payable tax as arising from a bonafide error. Additionally, as noted that the Tribunal found that upon said error being pointed, the assessee offered the income to tax through revised return. No question of law - Decided against Revenue
|