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2022 (6) TMI 844 - AT - Income TaxPenalty u/s 271(1)(c) - incorrect claim of deduction by the assessee on LTCG - Assessee’s plea before the ld. CIT(A) that the same was on account of wrong advice by the counsel has been rejected by the ld. CIT (A) - CIT (A) made such observation that even after AO’s pointing out that correct amount of claim as per documents be submitted for section 54B and 54F, the said counsel proceeded with the inflated claim - HELD THAT:- As in our considered opinion, the wrong claim of section 54B and 54F exemption not being in consonance with the documents invites the rigors of penalty. Further, the assessee’s plea of having income voluntary offered, the same has rightly been rejected by the authorities below as it is clearly after the AO’s confrontation with the assessee with the correct position, that the assessee offered the same. Hence, we uphold the order of Revenue authorities.
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