Sweta Chirimar Vs. DCIT, Circle-29(1), Kolkata

Parties Involved

Facts Summary

The assessee filed a return under section 139(1) of the Income-tax Act, 1961 on 28.03.2013 declaring total income of Rs.1,99,770/-. The case was reopened under section 148 of the Act on 30.03.2019, and the assessee filed a revised computation of income disclosing total income at Rs.8,69,900/-. The assessment was completed under section 143(3) r.w.s. 147 of the Act on 17.12.2019 assessing the total income at Rs.9,24,410/-. The assessee claimed Long Term Capital Gain (LTCG) on sale of shares of Rs.6,70,139/- as exempt under section 10(38) of the Act, which was withdrawn during the assessment proceedings. Consequently, the sale consideration of the shares of Rs.7,20,139/- was treated as unexplained cash credit under section 68 of the Act. The Assessing Officer levied a penalty of Rs.7,24,641/- on the ground that the assessee concealed the particulars of income, which was affirmed by the appellate authority.…

Legal Issues

• 1. Whether the assessee concealed particulars of income where the assessee has himself withdrawn the claim during the assessment proceeding and offered the income to tax.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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