https://www.taxtmi.com/caselaws?id=71365 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) for concealing income related to capital gains on the sale of land. The Tribunal found the assessee's explanation that the land was agricultural, supported by certificates and previous treatment for agricultural purposes, to be bona fide and that all material facts were disclosed. Consequently, the Tribunal dismissed the Revenue's appeals, emphasizing that rejecting the assessee's claim in assessment proceedings does not warrant penalty imposition under Section 271(1)(c). en-us Wed, 31 May 2006 00:00:00 +0530 Sat, 23 Apr 2011 09:58:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71365 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) for concealing income related to capital gains on the sale of land. The Tribunal found the assessee's explanation that the land was agricultural, supported by certificates and previous treatment for agricultural purposes, to be bona fide and that all material facts were disclosed. Consequently, the Tribunal dismissed the Revenue's appeals, emphasizing that rejecting the assessee's claim in assessment proceedings does not warrant penalty imposition under Section 271(1)(c). Case-Laws Income Tax Wed, 31 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71365