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2018 (12) TMI 1394 - HC - Income TaxPenalty levied u/s 271(C) - whether the assessee's transactions of sale of shares would result into capital gain or business income? - taxing the assessee's house properties which the assessee had not offered to tax - Held that:- Tribunal noted that in absence of any concealment of particulars of income, penalty cannot be attached. With respect to taxing the assessee's house properties which the assessee had not offered to tax. Here also the Tribunal came to the conclusion that the explanation offered by the assessee for not offering the notional rental income of such properties was a plausible explanation. The Tribunal, therefore, did not confirm the decision of the Assessing Officer to impose penalty. We are broadly in agreement with the view of the Tribunal. The Tribunal having examined the facts on record, has come to factual conclusions. No question of law in this respect therefore, arises.
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