https://www.taxtmi.com/caselaws?id=368757 The ITAT upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961, as the addition forming the basis of the penalty was removed. The ITAT directed the AO to treat the surplus from the sale of property as 'Income from long term capital gain' instead of 'Income from business,' in line with the assessee's claim. The appeal filed by the revenue was dismissed on 5th October 2018. en-us Fri, 05 Oct 2018 00:00:00 +0530 Fri, 12 Oct 2018 20:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368757 The ITAT upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961, as the addition forming the basis of the penalty was removed. The ITAT directed the AO to treat the surplus from the sale of property as 'Income from long term capital gain' instead of 'Income from business,' in line with the assessee's claim. The appeal filed by the revenue was dismissed on 5th October 2018. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368757