https://www.taxtmi.com/caselaws?id=348390 The Income Tax Appellate Tribunal (ITAT) reinstated a penalty of Rs. 23,21,194/- under Section 271(1)(c) for willful tax evasion by an assessee who failed to declare deemed capital gains, despite multiple opportunities, only doing so after being cornered by the Assessing Officer. The ITAT held that the revised return was not voluntary but made under compulsion, emphasizing the deliberate actions of the assessee aimed at evading tax. The decision underscored that filing a revised return does not absolve an assessee from the presumption of concealing income in the original return. en-us Mon, 18 Sep 2017 00:00:00 +0530 Mon, 20 Nov 2017 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348390 The Income Tax Appellate Tribunal (ITAT) reinstated a penalty of Rs. 23,21,194/- under Section 271(1)(c) for willful tax evasion by an assessee who failed to declare deemed capital gains, despite multiple opportunities, only doing so after being cornered by the Assessing Officer. The ITAT held that the revised return was not voluntary but made under compulsion, emphasizing the deliberate actions of the assessee aimed at evading tax. The decision underscored that filing a revised return does not absolve an assessee from the presumption of concealing income in the original return. Case-Laws Income Tax Mon, 18 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348390