https://www.taxtmi.com/caselaws?id=422036 The Tribunal ruled in favor of the assessee, holding that no penalty under section 271(1)(c) of the Income Tax Act was applicable. The Tribunal found that the addition of capital gain on the transfer of land was not taxable as the land did not qualify as a 'capital asset' under the Act. Additionally, the assessee was eligible for exemption under section 10(37) as the land was compulsorily acquired for agricultural purposes. The Tribunal granted substantial relief by deleting or upholding additions only on an estimation basis, allowing the appeal in favor of the assessee. en-us Wed, 04 May 2022 00:00:00 +0530 Sat, 07 May 2022 06:35:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422036 The Tribunal ruled in favor of the assessee, holding that no penalty under section 271(1)(c) of the Income Tax Act was applicable. The Tribunal found that the addition of capital gain on the transfer of land was not taxable as the land did not qualify as a 'capital asset' under the Act. Additionally, the assessee was eligible for exemption under section 10(37) as the land was compulsorily acquired for agricultural purposes. The Tribunal granted substantial relief by deleting or upholding additions only on an estimation basis, allowing the appeal in favor of the assessee. Case-Laws Income Tax Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422036