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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Penalty u/sec. 271B - assessee had entered into only a single ...

Income Tax

August 9, 2019

Penalty u/sec. 271B - assessee had entered into only a single transaction and has bonafide belief that the transaction entered into by her leads to capital gains and not business transaction AO consider the same as business income then it attracts the provisions of section 44AB - since explanation given by the assessee is bonafide and also justified, no penalty can be levied u/s 271B

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