https://www.taxtmi.com/caselaws?id=242722 The Appellate Tribunal ITAT Pune addressed the penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961 on Long Term Capital Gain (LTCG) from a property sale by three co-owners. The Tribunal considered the reclassification of the property post a CBDT Notification in 1994 and municipal limit extensions in 1997, impacting tax liability. Emphasizing the independence of penalty proceedings from assessment, the Tribunal admitted additional evidence to reassess the penalty. The judgment also directed the refund of excess appeal fees under Section 253(6)(d) of the Act, allowing the appeals for statistical purposes. en-us Tue, 16 Jul 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:49:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242722 The Appellate Tribunal ITAT Pune addressed the penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961 on Long Term Capital Gain (LTCG) from a property sale by three co-owners. The Tribunal considered the reclassification of the property post a CBDT Notification in 1994 and municipal limit extensions in 1997, impacting tax liability. Emphasizing the independence of penalty proceedings from assessment, the Tribunal admitted additional evidence to reassess the penalty. The judgment also directed the refund of excess appeal fees under Section 253(6)(d) of the Act, allowing the appeals for statistical purposes. Case-Laws Income Tax Tue, 16 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242722