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2023 (8) TMI 876 - ITAT SURATPenalty u/s 271(1)(c) - assessee in response to the notice u/s 148 has offered capital gain and paid taxes thereon - HELD THAT:- We are conscious of the facts that assessment in the present case in completed u/s 147. Going by the language of section 148, that any such return filed under this section, replace his original return of income, for such purpose, such returned filled is treated as return filed u/s 139. We find that the ratio case of Kirit Dahyabhai Patel [2015 (1) TMI 201 - GUJARAT HIGH COURT] and is squarely applicable on the facts of the present case. Hence, we direct the Assessing Officer to delete the penalty levied u/s 271(1)(c) . As the assessee in the return of income in response to the notice u/s 148 has offered capital gain and paid tax, thus grounds of appeals raised by the assessee are allowed.
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