https://www.taxtmi.com/caselaws?id=379069 The Tribunal upheld the lower authorities' decision that the property was owned and sold by individuals, not the Hindu Undivided Family (HUF). The capital gains were calculated based on the valuation officer's report, with the application of Section 50C deemed appropriate. The Tribunal found the handling of penalties under Section 271(1)(c) to be satisfactory, dismissing the appeals and affirming the rulings of the Assessing Officer and Commissioner of Income Tax (Appeals). en-us Tue, 23 Apr 2019 00:00:00 +0530 Fri, 26 Apr 2019 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379069 The Tribunal upheld the lower authorities' decision that the property was owned and sold by individuals, not the Hindu Undivided Family (HUF). The capital gains were calculated based on the valuation officer's report, with the application of Section 50C deemed appropriate. The Tribunal found the handling of penalties under Section 271(1)(c) to be satisfactory, dismissing the appeals and affirming the rulings of the Assessing Officer and Commissioner of Income Tax (Appeals). Case-Laws Income Tax Tue, 23 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379069