https://www.taxtmi.com/caselaws?id=279879 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) due to the deletion of the addition in the quantum assessment. The appeal by the revenue was dismissed, with the Tribunal stating that no interference was warranted as the basis for the penalty imposition no longer existed. Additionally, regarding the computation of long-term capital gains, the CIT(A) allowed the deduction under section 54 for one flat, resulting in a revised calculation of long-term capital gains and tax liability. The order was issued on 13th April 2010. en-us Tue, 13 Apr 2010 00:00:00 +0530 Tue, 09 Apr 2019 17:12:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279879 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) due to the deletion of the addition in the quantum assessment. The appeal by the revenue was dismissed, with the Tribunal stating that no interference was warranted as the basis for the penalty imposition no longer existed. Additionally, regarding the computation of long-term capital gains, the CIT(A) allowed the deduction under section 54 for one flat, resulting in a revised calculation of long-term capital gains and tax liability. The order was issued on 13th April 2010. Case-Laws Income Tax Tue, 13 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279879