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2019 (7) TMI 434 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - assessee sold jewellery and had earned long term capital gain which was not offered to tax - maximum penalty levied @ 300% - HELD THAT:- It is an admitted fact that despite sale of jewellery and earning long term capital gain, the assessee has not disclosed the same in the return of income which was added by the AO and thereafter initiated penalty proceedings u/s. 271 (1) (c) and levied penalty of ₹ 71,886/- being 300% of the tax sought to be evaded. In my opinion levy of penalty @ 300% is not justified - Therefore, restrict the same to 100% tax sought to be evaded which amounts to ₹ 23,962/-. - Decided partly in favour of assessee.
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