Penalty levied u/s 271(1)(c) w.r.t capital gain not disclosed in the Income Tax Return

Last updated: 14 January 2022
Quick Summary
The Income Tax Appellate Tribunal (ITAT) in Ahmedabad has allowed an appeal filed by an assessee, Ms. Varsha Jitendra Tekwani, concerning a penalty levied under Section 271(1)(c) of the Income Tax Act. The penalty was related to capital gains from the sale of jointly held land that were not disclosed in her income tax return. The Tribunal noted that the Assessing Officer had made an addition for long-term capital gain, which was confirmed by the CIT(A). However, the ITAT allowed the appeal, finding that the revenue had not sufficiently established the basis for calculating the capital gains.

Court :
ITAT Ahmedabad

Brief :
The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax(Appeals)-3, Vadodara, dated 21/08/2019 arising in the matter of penalty order passed under s. 271(1)(c) of the Income Tax Act, 1961

Citation :
ITA No. 1623/AHD/2019

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Community
  • Daily E-Newsletter
  • Unlimited Judgements Access
  • Profile Visitors
  • Link Social Profiles
  • Featured Job Posts
  • Pro Badge
  • Expert GST Guidance
  • Unlimited Forum Replies
  • Download Content in PDF
BEST VALUE
2 YEAR PLAN
3,499
(Excl. of GST ₹629)
1 YEAR PLAN
1,999
(Excl. of GST ₹359)

3 MONTHS PLAN
999
(Excl of GST ₹179)
View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

 
Comments


Recent Judgments :

  1. CESTAT New Delhi: Sub-Contractor Separately Liable for Service Tax Regardless of Main Contractor's Discharge
  2. Cenvat Credit Cannot Be Denied Merely on Third-Party Statements Without Corroborative Evidence
  3. CESTAT: Service Tax Not Leviable on Unclaimed Amounts Written Off Without Evidence of Taxable Service
  4. Partners of a Partnership Firm are personally liable for GST dues of the Firm and bank account of an erstwhile partner can be attached for recovery
  5. Prima facie satisfaction and not conclusive proof of fraud is sufficient to invoke Section 74 of the CGST Act
  6. Show Cause Notice issued to a non-existent amalgamated company is void ab initio and cannot be saved by Section 87 of the CGST Act
  7. SC Landmark Ruling: Mechanical Invocation of Fraud Cannot Extend Limitation under Section 74 of the CGST Act
  8. CESTAT Sets Aside ₹60 Crore Service Tax Demand: Best-Judgment Assessment Cannot Be Based on Guesswork
  9. CESTAT: Excess Service Tax Paid by Mistake Is a Deposit — Refund Not Barred by Section 11B Limitation
  10. CESTAT Denies Service Tax Exemption on Rent to Educational Institution for Lack of Evidence

View More Judgments »


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Jeegar ValeraJeegar ValeraPro Member s prasads prasadPro Member SARAN KUMARSARAN KUMARPro Member RAJEEV SHARMARAJEEV SHARMAPro Member RAJ SANKLECHARAJ SANKLECHA
Subscribe to Pro
Join an elite circle of professionals

Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
17 August 2026
Chartered Accountant with US GAAP Experience

Austin Med Solutions Pvt Ltd

Bengaluru

CA

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

K R Kiran Kumar & Associates

Bengaluru

CA Inter

View Details
Company
21 August 2026
Accountant

A G International

Kolkata

B.Com

View Details
Company
07 August 2026
Chartered Accountant

Devesh Garg and co

New Delhi

CA

View Details
Company
ARTICLESHIP 08 August 2026
Article Assistant

Sanath Sheshagiri & Co.

Bengaluru

CA Inter

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details