Allowing the appeal of the assesse the Tribunal held that ; though capital gains was not disclosed in the return, if tax on the same is paid after the S. 147 assessment order is passed, there is no loss to the Revenue and it also shows the bona fides of the assessee and penalty cannot be levied. The fact that if the S. 148 notice was not issued, the assessee would have got away with tax evasion does not mean that his action was not bona fide. ( ITA No. 486/LKW/2016, dt. 16.01.2018)(AY. 2012-13)
Pankaj Kumar Gupta v. ITO ( Lucknow)(Trib) www.itatonline.org
S. 271(1)(c) : Penalty – Concealment – Capital gains- Disclosed in the return filed pursuance of reassessment notice – Levy of penalty was held to be not justified [ S. 45, 148 ]