https://www.taxtmi.com/caselaws?id=422112 The ITAT ruled in favor of the assessee, holding that no penalty was warranted under Section 271(1)(c) of the Income Tax Act. The ITAT found that the voluntary surrender of income, payment of taxes, and lack of concealment during assessment negated the need for a penalty. The decision was based on the absence of a show cause notice regarding the disputed long term capital gain, supported by legal precedents, leading to the deletion of the penalty imposed by lower authorities. en-us Fri, 06 May 2022 00:00:00 +0530 Mon, 09 May 2022 08:40:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422112 The ITAT ruled in favor of the assessee, holding that no penalty was warranted under Section 271(1)(c) of the Income Tax Act. The ITAT found that the voluntary surrender of income, payment of taxes, and lack of concealment during assessment negated the need for a penalty. The decision was based on the absence of a show cause notice regarding the disputed long term capital gain, supported by legal precedents, leading to the deletion of the penalty imposed by lower authorities. Case-Laws Income Tax Fri, 06 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422112