Section 271(1)(c) Penalty Justified if Assessee not Acted Bonafidely

Gangotri Textiles Ltd. Vs. DCIT (Madras High Court) The issue under consideration is whether the penalty u/s 271(1)(c) levied by the assessing officer is justified in law? In the present case, the assessee did not disclose about the sale of the lands and windmill in the return of income, which was clear from the perusal of the return of income and in the relevant column, it is stated as ‘Nil’. In the course of assessment, the assessee admitted to have omitted the sale of land and windmill and filed a letter along with a computation of Long Term Capital Gain [LTCG] on the sale of lands and ...