Tribunal held that, nothing was on record to show that there was any malafide intention on part of assessee to conceal income or furnish inaccurate particulars of income and there was an omission while filing return of income which was rectified through challan on very date of passing assessment order. Levy of penalty is held to be not justified . ( AY.2012-13)
Pankaj Kumar Gupta v ITO (2018) 193 TTJ 45 (UO) (Luck)(Trib.)
S. 271(1)(c) : Penalty-Concealment–Capital gains not shown in the return–Assessment proceedings agreed to pay the tax as he was unaware of tax on sale of property–No malafide intention–Levy of penalty is held to be not justified. [S.45, 148]