Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The ITAT held that the assessee's failure to offer long-term capital gains from the transfer of immovable property in the correct assessment year was due to ignorance rather than willful concealment. Although the income should have been declared in AY 2003-04, it was instead disclosed in AY 2011-12, and the tax liability was duly computed and paid. Consequently, the imposition of penalty under section 271(1)(c) was not justified as there was no intention to evade tax. The penalty order was set aside, and the assessee's appeal was allowed.
The ITAT held that the assessee's failure to offer long-term capital gains from the transfer of immovable property in the correct assessment year was due to ignorance rather than willful concealment. Although the income should have been declared in AY 2003-04, it was instead disclosed in AY 2011-12, and the tax liability was duly computed and paid. Consequently, the imposition of penalty under section 271(1)(c) was not justified as there was no intention to evade tax. The penalty order was set aside, and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
