https://www.taxtmi.com/caselaws?id=376708 The appeal filed by the assessee challenging the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2012-13 was successful. The penalty of Rs. 10,72,255 was deleted by the Appellate Tribunal. The Tribunal found that the assessee, who did not receive monetary consideration for the land sold but only constructed area, had a justified belief that no capital gain arose. Therefore, the Tribunal concluded that the penalty imposition was not justified and allowed the appeal, deleting the penalty. en-us Thu, 28 Feb 2019 00:00:00 +0530 Thu, 14 Mar 2019 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376708 The appeal filed by the assessee challenging the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2012-13 was successful. The penalty of Rs. 10,72,255 was deleted by the Appellate Tribunal. The Tribunal found that the assessee, who did not receive monetary consideration for the land sold but only constructed area, had a justified belief that no capital gain arose. Therefore, the Tribunal concluded that the penalty imposition was not justified and allowed the appeal, deleting the penalty. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376708