A mere omission in offering the capital gains to tax would not ...

Omitting capital gains in tax filings isn't automatically concealment or false reporting u/s 271(1)(c) of the Income Tax Act.

June 19, 2017

Case Laws Income Tax AT

A mere omission in offering the capital gains to tax would not ipso facto reflect concealment of income or furnishing of inaccurate particulars of income in terms of Section 271(1)(c) of the Act

View Source

← Previous Next →

A mere omission in offering the capital gains to tax would not ...

Omitting capital gains in tax filings isn't automatically concealment or false reporting u/s 271(1)(c) of the Income Tax Act.

June 19, 2017

Case Laws Income Tax AT

You may also like:

The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

The Income Tax Appellate Tribunal (ITAT) ruled that when an assessee promptly computed and paid advance tax u/ss 234A, 234B, and 234C of the Income Tax Act, and an...

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Rate of tax on sale of depreciable assets - STCG vs LTCG - as per Section 112 of the Act, the tax on long term capital gains on transfer of a long term capital asset is...

Capital gain tax u/s 45 - shares distributed in family settlement - this Tribunal is of the considered opinion that there is no transfer of capital asset, hence, it is...

Capital Gain - Receipt of consolidated amount - where a gain from one of capital assets was a short-term capital gain while from other it was a long term capital gain,...

Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

Capital gain on transfer of shares - capital gains arising from the transfer of shares because of family arrangement - the assessee has transferred the shares based on...

Right to subscribe to shares in future - Section 45(1) provides that any profits or gains from the transfer of capital asset are taxable as capital gains, but then, even...

Addition on account of long term capital gain - AO has not brought on record any material which establish non-genuineness of the members of the society - all the members...

Capital gains tax - whether the amount received by the assessee from the sale of property, the title of which was acquired by way of adverse possession and which did not...

No capital gain tax if investment is made in manufacturing SMEs

The assessee claimed that no capital gain was chargeable on receipt from transfer of trademark as there was no cost of acquisition. However, the tribunal held that the...

Capital gains taxation streamlined with short-term gains on certain financial assets attracting 20% tax and long-term gains on all assets attracting 12.5% tax. Exemption...

The assessee, an NRI and resident of USA, transferred a capital asset and derived capital gain. The asset comprised rights and interests acquired through an assignment...

Quick Updates: