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2023 (4) TMI 38 - AT - Income TaxPenalty u/s 271(1)(c) - concealment of income of LTCG - HELD THAT:- The assessee right from the attending the hearing before assessing officer took the plea that he has already paid the due tax with interest, on the capital gain earned on the sale of his ancestral property. We find merit in the submission of Ld. AR for the assessee that there was no mala fide intention of assessee to evade the tax of conceal part of his income and that assessee before completion of assessment, he accepted such fact and paid due tax - we direct the Assessing Officer to delete the entire penalty levied under section 271(1)(c) of the Act. In the result, the grounds of appeal raised by the assessee are allowed.
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