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2019 (1) TMI 277 - ITAT AHMEDABADPenalty u/s 271(1)(c) - non-disclosing the capital gain income - no specific charge mentioned in the notice issued u/s 274 - Held that:- The overall conduct of the assessee and circumstances suggest that the assessee deliberately did not offer the capital gain income in her income tax return. In our considered view, non-availability of the fund cannot be an excuse for not disclosing the capital gain income earned by the assessee. The case law relied on by the assessee before the lower authorities are not relevant to the facts of the case on hand. The assessee has concealed her particulars of income by not disclosing the long-term capital gain in her return of income. No reason to disturb the finding of the CIT(A). Hence, the ground of the assessee is dismissed Indeed there is no specific charge in the notice issued u/s 274/271(1)(c) of the Act as alleged by the assessee. However, we note that there was a specific charge for concealment of income on the basis of which the AO levied the penalty in his order dated 20.06.2012. Therefore, we are of the view that the assessee cannot get immunity from the penalty on the ground that there was no specific charge in the notice issued u/s 274 of the Act. - decided against assessee
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