Penalty u/s 271(1)(c) - LTCG on purchase of plot - A.O. has not ...
Penalty on LTCG Quashed: AO Failed to Specify Basis for Concealment or Inaccurate Particulars u/s 271(1)(c).
June 16, 2022
Case Laws Income Tax AT
Penalty u/s 271(1)(c) - LTCG on purchase of plot - A.O. has not clearly mentioned the limb, on the basis of which, penalty was proposed to be imposed. - concealment of income or furnishing of inaccurate particulars of income are two different forms and they cannot be inter mixed, therefore, we quash the penalty proceedings initiated U/s 271(1)(c) of the Act. - AT
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