https://www.taxtmi.com/caselaws?id=410500 The ITAT allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(C) of the Income Tax Act. The ITAT concluded that the appellant's genuine belief that the capital gain from the sale of agricultural land was not taxable, supported by evidence and case laws, justified the waiver of the penalty. Additionally, the ITAT determined that the sold land did not qualify as a capital asset based on the appellant's evidence and certificates from relevant departments, leading to the decision in favor of the appellant regarding the taxability of the capital gains. en-us Fri, 30 Jul 2021 00:00:00 +0530 Tue, 03 Aug 2021 09:20:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410500 The ITAT allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(C) of the Income Tax Act. The ITAT concluded that the appellant's genuine belief that the capital gain from the sale of agricultural land was not taxable, supported by evidence and case laws, justified the waiver of the penalty. Additionally, the ITAT determined that the sold land did not qualify as a capital asset based on the appellant's evidence and certificates from relevant departments, leading to the decision in favor of the appellant regarding the taxability of the capital gains. Case-Laws Income Tax Fri, 30 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410500