https://www.taxtmi.com/caselaws?id=69875 The Appellate Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c), amounting to Rs. 13,909, due to the well-reasoned order by the AAC. The case involved the non-disclosure of capital gains from the sale of jewelry in 1978, with the key issue revolving around the application of the Explanation clause introduced in April 1978. The Tribunal clarified that taking a loan against a fixed deposit did not warrant withdrawal of exemption from capital gains, leading to the decision to cancel the penalty. Additionally, the Tribunal acknowledged the hardship faced by the assessee and hinted at a potential application for exemption from the taxed amount. en-us Fri, 02 Feb 1990 00:00:00 +0530 Tue, 12 Apr 2011 15:20:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69875 The Appellate Tribunal upheld the cancellation of the penalty imposed under section 271(1)(c), amounting to Rs. 13,909, due to the well-reasoned order by the AAC. The case involved the non-disclosure of capital gains from the sale of jewelry in 1978, with the key issue revolving around the application of the Explanation clause introduced in April 1978. The Tribunal clarified that taking a loan against a fixed deposit did not warrant withdrawal of exemption from capital gains, leading to the decision to cancel the penalty. Additionally, the Tribunal acknowledged the hardship faced by the assessee and hinted at a potential application for exemption from the taxed amount. Case-Laws Income Tax Fri, 02 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69875