https://www.taxtmi.com/caselaws?id=68253 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee in a case concerning the imposition of a penalty for concealing income under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee had a genuine belief in the applicability of a specific provision exempting them from declaring the capital gain on the sale of an immovable property. Despite the omission of property transfer details in the return, the Tribunal concluded that there was no deliberate intention to conceal income, as the actions were based on a bona fide belief. Consequently, the penalty imposed by the Income Tax Officer was canceled. en-us Wed, 12 May 1982 00:00:00 +0530 Mon, 28 Mar 2011 16:50:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68253 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee in a case concerning the imposition of a penalty for concealing income under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee had a genuine belief in the applicability of a specific provision exempting them from declaring the capital gain on the sale of an immovable property. Despite the omission of property transfer details in the return, the Tribunal concluded that there was no deliberate intention to conceal income, as the actions were based on a bona fide belief. Consequently, the penalty imposed by the Income Tax Officer was canceled. Case-Laws Income Tax Wed, 12 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68253