Penalty u/s 271(1)(c) - addition of Capital gain under the ...

No Penalty for Taxpayer: Voluntary Tax Revision u/s 271(1)(c) Avoids Penalty for Capital Gains, Interest Disallowance.

June 9, 2020

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - addition of Capital gain under the provisions of section 45(3) and Disallowance of the interest expenses - the assessee himself suo-moto revised the computation and paid the taxes before any finding from the AO - the assessee has not deliberately undisclosed the income under the head capital gain and claimed excessive interest expenses. - No penalty.

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Penalty u/s 271(1)(c) - addition of Capital gain under the ...

No Penalty for Taxpayer: Voluntary Tax Revision u/s 271(1)(c) Avoids Penalty for Capital Gains, Interest Disallowance.

June 9, 2020

Case Laws Income Tax AT

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