https://www.taxtmi.com/caselaws?id=293541 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete penalties under sections 271(1)(c), 50C, and 14A. The Tribunal upheld the CIT(A)'s findings, referencing the Hon'ble Calcutta HC's judgment that penalties are unjustified without evidence of actual receipts beyond declared sale proceeds. The argument of inadvertent error was accepted, and the penalty related to long-term capital gain was deemed disproportionate. en-us Thu, 21 Aug 2014 00:00:00 +0530 Wed, 13 Nov 2024 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293541 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete penalties under sections 271(1)(c), 50C, and 14A. The Tribunal upheld the CIT(A)'s findings, referencing the Hon'ble Calcutta HC's judgment that penalties are unjustified without evidence of actual receipts beyond declared sale proceeds. The argument of inadvertent error was accepted, and the penalty related to long-term capital gain was deemed disproportionate. Case-Laws Income Tax Thu, 21 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293541