Section 271(1)(c) Inapplicable if No Income Concealment by Assessee

Dineshkumar Kanjibhai Patel-HUF Vs ITO (ITAT Ahmedabad)

Introduction: This article discusses the recent order of ITAT Ahmedabad concerning Dineshkumar Kanjibhai Patel-HUF’s appeal against the penalty u/s Section 271(1)(c) of the Income Tax Act. The appellant claimed Long Term Capital Gain (LTCG) on the sale of shares but faced rejection from the Assessing Officer, leading to the penalty imposition.

Analysis: Dineshkumar Kanjibhai Patel-HUF filed a re

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