https://www.taxtmi.com/caselaws?id=67097 The Appellate Tribunal ITAT Indore partially allowed one appeal and fully allowed another in a case concerning penalties for late filing of income tax returns. The Tribunal held that capital gains from the sale of agricultural lands are not subject to capital gains tax, leading to a revision in the computation of penalties. The judgment underscores the distinction between penalty and assessment proceedings in income tax matters, emphasizing that principles of res judicata and estoppel do not apply. en-us Tue, 31 Dec 1985 00:00:00 +0530 Wed, 09 Mar 2011 10:47:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67097 The Appellate Tribunal ITAT Indore partially allowed one appeal and fully allowed another in a case concerning penalties for late filing of income tax returns. The Tribunal held that capital gains from the sale of agricultural lands are not subject to capital gains tax, leading to a revision in the computation of penalties. The judgment underscores the distinction between penalty and assessment proceedings in income tax matters, emphasizing that principles of res judicata and estoppel do not apply. Case-Laws Income Tax Tue, 31 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67097