https://www.taxtmi.com/caselaws?id=246888 The Income Tax Appellate Tribunal dismissed the appellant's appeal in ITA No. 836/2006 regarding Long Term Capital Gain Tax (LTCG) and exemption under Section 54-F of the Income Tax Act, 1961, due to non-compliance with specified conditions. The High Court set aside the penalty imposed under Section 271(1)(c) by the Assessing Officer, considering the taxpayer's prompt payment of LTCG tax and cooperation with the department, emphasizing the need for discretion in penalty imposition. The denial of exemption under Section 54F was upheld as the appellant did not pursue the appeal on its merits. en-us Fri, 04 Apr 2014 00:00:00 +0530 Fri, 25 Apr 2014 10:11:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246888 The Income Tax Appellate Tribunal dismissed the appellant's appeal in ITA No. 836/2006 regarding Long Term Capital Gain Tax (LTCG) and exemption under Section 54-F of the Income Tax Act, 1961, due to non-compliance with specified conditions. The High Court set aside the penalty imposed under Section 271(1)(c) by the Assessing Officer, considering the taxpayer's prompt payment of LTCG tax and cooperation with the department, emphasizing the need for discretion in penalty imposition. The denial of exemption under Section 54F was upheld as the appellant did not pursue the appeal on its merits. Case-Laws Income Tax Fri, 04 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246888