Failure to voluntarily apply sec 50C does not attract penalty

Amit Bajaj , Last updated: 29 April 2011  
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The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit of all concerned. Section 50C say that

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Published by

Amit Bajaj
(Tax Attorney)
Category Income Tax   Report

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