Advance Tax Payment Not Shield from Penalty for Concealment of Capital Gains: Madras HC

Sarita Jain Vs ACIT (Madras High Court) Madras HC Upholds Penalty as Capital Gains Were Claimed as Exempt Despite Taxability; Penalty Sustained Because Exemption Claim on Unlisted Share Sale Was Found Intentional; Madras HC Rejects Bona Fide Mistake Defence Because Exemption Claim Was Deliberate; Penalty Confirmed Because Capital Gains Non-Disclosure Came to Light Only During Scrutiny. The Madras High Court dismissed the appeal filed by an assessee challenging the levy of penalty under Section 271(1)(c) of the Income Tax Act for concealment of income arising from the sale of shares. The assess...