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

Last updated: 14 January 2022

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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

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Attached File : 1442821_4728_1640165292_ita_no_1660_ahd_19_cadila_health_care_ltd.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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