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No penalty on Income declared voluntarily in revised ROI filed sec. 143(2) notice
Case Law Details
- Case Name
- Prema Gopal Rao Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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We notice that the assessing officer has determined the concealed income at Rs.15,84,783/-. However, the additions made in the assessment order was only Rs.1,40,373/- and further the difference in Long term Capital gains between the revised return and the original return was only Rs. 1 1,27,484/-. Thus there is a difference in the amount of ‘concealed income’ determined by the AO, for which the assessing officer has failed to give the details in the penalty order. Be that as it may, we notice that the tax authorities have taken the view that the amount of Long term Capital gain enhanced by...
