https://www.taxtmi.com/caselaws?id=179511 The Tribunal ruled in favor of the assessee, stating that penalty u/s 271(1)(c) cannot be levied for AY 2005-06 as the capital gain was not assessable in that year. The penalty imposed was deleted, and the appeal of the assessee was allowed. The decision emphasized aligning income assessment with the relevant assessment year and clarified that penalties cannot be imposed when income is not assessable in a specific year. en-us Thu, 30 Jun 2011 00:00:00 +0530 Thu, 03 Mar 2016 12:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179511 The Tribunal ruled in favor of the assessee, stating that penalty u/s 271(1)(c) cannot be levied for AY 2005-06 as the capital gain was not assessable in that year. The penalty imposed was deleted, and the appeal of the assessee was allowed. The decision emphasized aligning income assessment with the relevant assessment year and clarified that penalties cannot be imposed when income is not assessable in a specific year. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179511