Non-filer assessee had taxable income but failed to file return ...

Penalty on assessee for concealing income by not adopting section 50C provisions for computing capital gains.

Case Laws Income Tax

October 15, 2024

Non-filer assessee had taxable income but failed to file return u/s 139(1), later filed return in response to notice u/s 148 without considering section 50C provisions, amounting to concealment of income. Assessee neither filed explanation nor appeared before authorities during assessment or penalty proceedings u/s 271(1)(c) despite show cause notices. No reasonable cause furnished for non-filing of return or non-appearance. Penalty u/s 271(1)(c) confirmed as assessee concealed particulars of income by not adopting section 50C provisions while computing capital gains based on registered sale deed value.

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Non-filer assessee had taxable income but failed to file return ...

Penalty on assessee for concealing income by not adopting section 50C provisions for computing capital gains.

Case Laws Income Tax

October 15, 2024

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