Case Law Details
Case Name : Goldfilled Mercantile Company Vs DCIT (ITAT Mumbai)
Appeal Number : IT Appeal No.-1965/2014
Date of Judgement/Order : 16/09/2015
Related Assessment Year : 2009-2010
Courts :
All ITAT ITAT Mumbai
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Brief of the case:
The ITAT Mumbai in the case of M/s Goldfilled Mercantile Company vs. DCIT held that when the assessee shown lesser capital gain in its return of income under a bonafide belief of a deduction from it but paid due taxes then the assessee cannot be penalized u/s 271(1)(c) as there was no intention to evade the payment of taxes and entire exercise was revenue neutral.
Facts of the case:
- The assessee is a partnership firm which has shown income from capital gain on sale of assets, income from interest and dividend. Return of income was filed on a total income of Rs. 26,80,99,047/- for the assessment year 2009-10 on 31.03.2010. An immovable property situated at Chakala, Andheri (East), Mumbai was owned by Shri Pyarali Dholakia in his proprietorship concern, later on, the said property was converted into property of partnership firm in year 1975.
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