https://www.taxtmi.com/caselaws?id=342324 The appeal regarding the capital gains addition was dismissed, upholding the restriction of the addition to &8377; 2 lacs in the assessee's hands. The remaining capital gains were to be taxed in the hands of the other co-owners. On the other hand, the penalty appeal challenging the imposition of a &8377; 62,000 penalty under Section 271(1)(c) was allowed. The Tribunal found that the penalty was incorrectly imposed as the entire sale consideration could not be attributed to the assessee's income. The penalty was deleted based on the assessee not being the sole owner of the property. en-us Fri, 28 Apr 2017 00:00:00 +0530 Mon, 01 May 2017 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342324 The appeal regarding the capital gains addition was dismissed, upholding the restriction of the addition to &8377; 2 lacs in the assessee's hands. The remaining capital gains were to be taxed in the hands of the other co-owners. On the other hand, the penalty appeal challenging the imposition of a &8377; 62,000 penalty under Section 271(1)(c) was allowed. The Tribunal found that the penalty was incorrectly imposed as the entire sale consideration could not be attributed to the assessee's income. The penalty was deleted based on the assessee not being the sole owner of the property. Case-Laws Income Tax Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342324