https://www.taxtmi.com/caselaws?id=762441 ITAT Indore ruled on penalty under section 271(1)(c) across three components. The tribunal directed deletion of penalty for relief already granted in quantum proceedings, as the penalty basis had collapsed, subject to revival if revenue's HC appeal succeeds. For long-term capital gain addition based on estimation, penalty of Rs. 3,85,258 was sustained but Rs. 2,40,998 was deleted as it resulted from fair estimation rather than concealment. Regarding undisclosed interest income, penalty was upheld as the disclosure was not voluntary but consequential to AO's questioning about immovable property transactions, making the assessee declare both capital gains and bank interest in revised returns. en-us Thu, 27 Jun 2024 00:00:00 +0530 Mon, 02 Dec 2024 08:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762441 ITAT Indore ruled on penalty under section 271(1)(c) across three components. The tribunal directed deletion of penalty for relief already granted in quantum proceedings, as the penalty basis had collapsed, subject to revival if revenue's HC appeal succeeds. For long-term capital gain addition based on estimation, penalty of Rs. 3,85,258 was sustained but Rs. 2,40,998 was deleted as it resulted from fair estimation rather than concealment. Regarding undisclosed interest income, penalty was upheld as the disclosure was not voluntary but consequential to AO's questioning about immovable property transactions, making the assessee declare both capital gains and bank interest in revised returns. Case-Laws Income Tax Thu, 27 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762441