https://www.taxtmi.com/caselaws?id=760040 ITAT Visakhapatnam upheld penalty under section 271(1)(c) against assessee who failed to file return of income despite having taxable income from capital gains. Assessee computed capital gains based on registered sale deed value instead of adopting section 50C provisions, constituting concealment of income. Despite show cause notices, assessee neither provided explanation nor appeared before revenue authorities during penalty proceedings. ITAT found no reasonable cause for non-filing of return or non-appearance, confirming penalty for concealment of income particulars. en-us Mon, 22 Jan 2024 00:00:00 +0530 Mon, 14 Oct 2024 17:13:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760040 ITAT Visakhapatnam upheld penalty under section 271(1)(c) against assessee who failed to file return of income despite having taxable income from capital gains. Assessee computed capital gains based on registered sale deed value instead of adopting section 50C provisions, constituting concealment of income. Despite show cause notices, assessee neither provided explanation nor appeared before revenue authorities during penalty proceedings. ITAT found no reasonable cause for non-filing of return or non-appearance, confirming penalty for concealment of income particulars. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760040