Tuesday, 14 May 2013

No concealment penalty for errors rectified by assessee voluntarily in assessment proceedings

IT: Where assessee in course of assessment proceedings, declared that profit on sale of land was wrongly considered as capital gain instead of business income and revenue authorities having accepted said declaration, completed assessment, assessee's case did not fall within ambit of Explanation 1 to section 271(1)(c) so as to pass a penalty order


No comments:

Post a Comment