No Penalty for Recharacterising Capital Gains as Business Income

Jamnaben Parshottamdas Patel Vs ITO (ITAT Ahmedabad)

Penalty under Section 271(1)(c) Deleted Where Income Was Fully Disclosed but Recharacterised:

The Ahmedabad Bench (SMC) of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal for AY 2011-12 and deleted the penalty of ₹64,071 levied under section 271(1)(c), holding that Please become a Premium member. If you are already a Premium member, login here to access the full content.