Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Penalty u/s 271(1)(c) - addition of Capital gain under the provisions of section 45(3) and Disallowance of the interest expenses - the assessee himself suo-moto revised the computation and paid the taxes before any finding from the AO - the assessee has not deliberately undisclosed the income under the head capital gain and claimed excessive interest expenses. - No penalty.
Penalty u/s 271(1)(c) - addition of Capital gain under the provisions of section 45(3) and Disallowance of the interest expenses - the assessee himself suo-moto revised the computation and paid the taxes before any finding from the AO - the assessee has not deliberately undisclosed the income under the head capital gain and claimed excessive interest expenses. - No penalty.
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