Case Law Details
Case Name : Sarat Gopal Boppana Vs ACIT (ITAT Hyderabad)
Appeal Number : ITA No.635/Hyd/2022 & SA No. 49/Hyd/2023
Date of Judgement/Order : 07/08/2024
Related Assessment Year : 2015-16
Courts :
All ITAT ITAT Hyderabad
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Sarat Gopal Boppana Vs ACIT (ITAT Hyderabad)
ITAT Hyderabad held that voluntary surrender of income in good faith cannot be considered as concealment of income. Hence, penalty u/s. 271(1)(c) of the Income Tax Act cannot be sustained.
Facts- Assessee is an individual and derives income from capital gain and income
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