https://www.taxtmi.com/caselaws?id=185158 The case involved issues regarding the confirmation of penalty levy under Section 271(1)(c) of the Income Tax Act, validity of an order under Section 263, and determination of the cost of inflation index for inherited property. The Tribunal remitted the penalty issue back for adjudication after deciding on the quantum addition, dismissed the appeal due to an inordinate delay in filing, and allowed the appeal by determining the cost of inflation index from 1.4.1981 and granting exemption under Section 54. The orders were pronounced on 6th June 2016 in Chennai. en-us Mon, 06 Jun 2016 00:00:00 +0530 Tue, 02 Aug 2016 14:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185158 The case involved issues regarding the confirmation of penalty levy under Section 271(1)(c) of the Income Tax Act, validity of an order under Section 263, and determination of the cost of inflation index for inherited property. The Tribunal remitted the penalty issue back for adjudication after deciding on the quantum addition, dismissed the appeal due to an inordinate delay in filing, and allowed the appeal by determining the cost of inflation index from 1.4.1981 and granting exemption under Section 54. The orders were pronounced on 6th June 2016 in Chennai. Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185158