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2018 (2) TMI 1708 - AT - Income TaxPenalty proceedings u/s. 271(1)(c) - validity of notice issued u/s 274 - addition of the capital gain arising from the transfer of the capital asset - contention of the assessee is that the transaction was not detected by the revenue, it was volunteer disclosure of the assessee during the assessment proceedings - Held that:- AO has charged the assessee for twin defaults. Under the facts of the present case, same is rightly done as the assessee has concealed the income arose out of transfer of capital asset and failed to disclose the capital gain in its return of income that tantamount of furnishing of inaccurate particulars of income. We, therefore, do not see any infirmity into the order of the authorities below. - Decided against assessee
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