Income Tax Penalty u/s 271(1)(c) Not Leviable After Offering Concealed Income under IDS Scheme: ITAT [Read Order]

By Killamsetty Rasmita - On August 24, 2023 9:00 am - 2 mins read

Income Tax Penalty - Income Tax - Penalty - Offering Concealed Income under IDS Scheme - Concealed Income - IDS Scheme - ITAT - IDS - Taxscan

The Mumbai Income Tax Appellate Tribunal (ITAT) ruled that concealed income under Section 271(1)(c) is not leviable if it is offered under the Income Disclosure Scheme (IDS) and ruled in favor of an assessee who claimed long-term capital gains on the sale of shares of a penny stock company, M/s Sun Asian. The assessee, Sanchit…

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