Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
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 
