Mere classification of a capital asset as agricultural land couldn’t attract concealment penalty

INCOME TAX : Where Assessing Officer noting that a land sold by assessee claiming it to be agricultural land was actually a capital asset attracting tax made additions to income of assessee and further initiated penalty proceedings under section 271(1)(c), since assessee had mentioned about sale of its land in his return of income but only mistakenly claimed same as agricultural land and there was no specific finding regarding concealment of income against assessee

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197301/mere-classification-of-a-capital-asset-as-agricultural-land-couldn’t-attract-concealment-penalty.aspx