https://www.taxtmi.com/caselaws?id=281762 The ITAT ruled in favor of the appellant, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The ITAT found that the penalty was not sustainable as there was no proof of the transaction's genuineness and no defects in the documentation supporting the long term capital gain claim. Additionally, the ITAT emphasized that a mere change of income head did not warrant a penalty. Therefore, the ITAT directed the deletion of the penalty, favoring the appellant's arguments and lack of substantial evidence supporting the penalty imposition. en-us Wed, 19 Sep 2018 00:00:00 +0530 Sat, 06 Jul 2019 07:00:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281762 The ITAT ruled in favor of the appellant, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The ITAT found that the penalty was not sustainable as there was no proof of the transaction's genuineness and no defects in the documentation supporting the long term capital gain claim. Additionally, the ITAT emphasized that a mere change of income head did not warrant a penalty. Therefore, the ITAT directed the deletion of the penalty, favoring the appellant's arguments and lack of substantial evidence supporting the penalty imposition. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281762