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No penalty for non offering LTCG to Tax due to ignorance of law
Case Law Details
- Case Name
- Sri Sachindra Nath Kayal Vs. ITO Warrd-23(1) (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010- 11
- Courts
- All ITAT, ITAT Kolkata
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Sri Sachindra Nath Kayal Vs. ITO (ITAT Kolkata)
It undisputed fact that assessee has earned LTCG which was not offered to tax. It is also undisputed that the disclosure of the same made in balance-sheet of the assessee. Thus, we note that non- offering of LTCG to the tax was not deliberate. It was out of ignorance of assessee. In such circumstances, the penalty u/s. 271(1)(c) of the Act cannot be levied. In holding so, we find support and guidance from the judgment of Honorable Rajasthan High Court in the case of Chandrapal Bagga vs. Income-Tax Appellate Tribunal on 31.01.2003...
Pl advise if a person who acquires Short term capital gains by disposing off his old ancestral property, deposits gained amount in Capital Gain Account by way of FDRs, he gave advance to buy another similar property but due to title dispute amongst the sellers he could not acquire said house within 2/3 years, but said income is regularly shown in IT Returns, in such case tax will be from interast or from total income