Mis-Declaration of Capital Loss as Business Loss does not lead to Concealments of Income, Penalty u/s 271(1)(c) not sustainable: ITAT [Read Order]

By Taxscan Team - On June 7, 2022 5:49 pm - 2 mins read

capital loss - business loss - concealments of income - Penalty - ITAT - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) consisting of Shri Pramod M Jagtap, vice president and Ms Madhumita Roy, Judicial member has held that misdeclaration of capital loss as business loss does not lead to concealments of income and penalty u/s 271(1)(c) was not sustainable. Shri S. N. Soparkar appeared on behalf of…

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