Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Penalty under section 271(1)(c) was not sustainable where the assessee had disclosed the capital gains, deposited the sale proceeds in the Capital Gains Account Scheme within time, and retained the unutilised amount in that account. The Tribunal held that failure to use the full amount within the stipulated period, caused by disputes with the builder, did not by itself establish concealment or furnishing of inaccurate particulars. The assessee had also suo motu informed the AO before reassessment that the exemption period had expired and accepted the taxability of the balance. In the absence of deliberate suppression, the penalty was deleted.
Penalty under section 271(1)(c) was not sustainable where the assessee had disclosed the capital gains, deposited the sale proceeds in the Capital Gains Account Scheme within time, and retained the unutilised amount in that account. The Tribunal held that failure to use the full amount within the stipulated period, caused by disputes with the builder, did not by itself establish concealment or furnishing of inaccurate particulars. The assessee had also suo motu informed the AO before reassessment that the exemption period had expired and accepted the taxability of the balance. In the absence of deliberate suppression, the penalty was deleted.
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