https://www.taxtmi.com/caselaws?id=762913 The ITAT Kolkata held that penalty under section 271(1)(c) was not leviable where the assessee had disclosed compensation income, which was later determined to be capital in nature and not taxable. The tribunal found no concealment as the compensation was compensatory and capital in nature, thus not includible in total income. Following judicial precedents, the tribunal directed deletion of the penalty since there was no difference between returned income and assessed income after excluding the non-taxable compensation amount. en-us Wed, 06 Nov 2024 00:00:00 +0530 Mon, 09 Dec 2024 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762913 The ITAT Kolkata held that penalty under section 271(1)(c) was not leviable where the assessee had disclosed compensation income, which was later determined to be capital in nature and not taxable. The tribunal found no concealment as the compensation was compensatory and capital in nature, thus not includible in total income. Following judicial precedents, the tribunal directed deletion of the penalty since there was no difference between returned income and assessed income after excluding the non-taxable compensation amount. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762913