https://www.taxtmi.com/caselaws?id=60198 The Appellate Tribunal, ITAT CALCUTTA-B, ruled in favor of the assessee in a case concerning alleged concealment of income from long term capital gains on the sale of jewelry. The Tribunal found that the penalty imposed under section 271(1)(c) was unwarranted as the assessee genuinely believed that no capital gains tax applied to jewelry received as a gift. Emphasizing the lack of fraudulent intent or wilful neglect, the Tribunal deleted the penalty, highlighting the importance of assessing the taxpayer's intent in cases of non-disclosure before imposing penalties. en-us Tue, 15 Mar 1983 00:00:00 +0530 Tue, 04 Jan 2011 12:13:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60198 The Appellate Tribunal, ITAT CALCUTTA-B, ruled in favor of the assessee in a case concerning alleged concealment of income from long term capital gains on the sale of jewelry. The Tribunal found that the penalty imposed under section 271(1)(c) was unwarranted as the assessee genuinely believed that no capital gains tax applied to jewelry received as a gift. Emphasizing the lack of fraudulent intent or wilful neglect, the Tribunal deleted the penalty, highlighting the importance of assessing the taxpayer's intent in cases of non-disclosure before imposing penalties. Case-Laws Income Tax Tue, 15 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60198