ITAT Kolkata Quashes Section 271(1)(c) Penalty on One-Time Settlement

Kushal Sengupta Vs ITO (ITAT Kolkata)

ITAT Kolkata allowed the assessee’s appeal and deleted ₹5.28 lakh penalty under Section 271(1)(c), holding that the one-time settlement received from Kotak Mahindra Life Insurance was a capital receipt and fully disclosed in the return.

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has quashed a penalty of ₹5,28,234 levied under Section 271(1)(c) of the Income-tax Act, 1961, against Kushal Sengupta for the Assessment Year 2006-07. The penalty was imposed by the Assessing Officer

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