You’re Still Taxed After You’re Gone- But Your Heir Only Pays What’s in the Cupboard

Late Jagdish Vs ITO (ITAT Jaipur) You’re Still Taxed After You’re Gone- But Your Heir Only Pays What’s in the Cupboard –Penalty Survives After Death but Legal Heir Liable Only to Extent of Inherited Assets – Section 159 Covers Tax & Penalty – Death Doesn’t Abate Penalty Proceedings- ITAT Jaipur The late assessee, Shri Jagdish, was assessed for AY 2007-08, in which the AO made two additions: ₹ 3,80,000 as unexplained cash deposits, & ₹ 14,62,758 as Long-Term Capital Gains (LTCG) u/s 50C on sale of land. A penalty of ₹ 3,96,929 u/s 271(1)(c) was imposed for â...