https://www.taxtmi.com/caselaws?id=422076 The revenue's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2015-16 was dismissed. The penalty of Rs. 51,59,540 was initiated due to the assessee's claim of exempt income from the sale of agricultural land. The court upheld the deletion of the penalty by the Ld. CIT(A), emphasizing the need for the assessee to prove the exemption and the absence of conclusive findings by the assessing officer. The judgment highlighted the requirement of a bona fide claim by the assessee and dismissed the revenue's appeal and cross objections. en-us Thu, 05 May 2022 00:00:00 +0530 Sat, 07 May 2022 06:37:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422076 The revenue's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2015-16 was dismissed. The penalty of Rs. 51,59,540 was initiated due to the assessee's claim of exempt income from the sale of agricultural land. The court upheld the deletion of the penalty by the Ld. CIT(A), emphasizing the need for the assessee to prove the exemption and the absence of conclusive findings by the assessing officer. The judgment highlighted the requirement of a bona fide claim by the assessee and dismissed the revenue's appeal and cross objections. Case-Laws Income Tax Thu, 05 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422076