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

No Penalty u/s 271B for Assessee's Bona Fide Misclassification of Income as Capital Gains Instead of Business Income.

August 9, 2019

Case Laws Income Tax AT

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

No Penalty u/s 271B for Assessee's Bona Fide Misclassification of Income as Capital Gains Instead of Business Income.

August 9, 2019

Case Laws Income Tax AT

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