https://www.taxtmi.com/caselaws?id=373233 The Tribunal ruled in favor of the assessee in a case concerning the penalty under Section 271(1)(c) of the Income-tax Act for claiming sale of land as agricultural income and exemption. The Tribunal found that the mere claim of agricultural income does not constitute concealment of income. It emphasized the need for proper verification of factors determining agricultural classification and highlighted the lack of concrete evidence supporting the Revenue's assertion that the land was nonagricultural. Consequently, the penalty imposed by the Assessing Officer was deleted, affirming the assessee's classification of the land as agricultural for exemption purposes. en-us Mon, 03 Dec 2018 00:00:00 +0530 Wed, 09 Jan 2019 08:23:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373233 The Tribunal ruled in favor of the assessee in a case concerning the penalty under Section 271(1)(c) of the Income-tax Act for claiming sale of land as agricultural income and exemption. The Tribunal found that the mere claim of agricultural income does not constitute concealment of income. It emphasized the need for proper verification of factors determining agricultural classification and highlighted the lack of concrete evidence supporting the Revenue's assertion that the land was nonagricultural. Consequently, the penalty imposed by the Assessing Officer was deleted, affirming the assessee's classification of the land as agricultural for exemption purposes. Case-Laws Income Tax Mon, 03 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373233