https://www.taxtmi.com/caselaws?id=302217 The tribunal in Chennai allowed both appeals of the Assessee in ITA No. 2680/Mds/2018 and ITA No. 2681/Mds/2018 on 14th August 2019. In the first issue regarding the assessment of capital gains, the tribunal held that the cost of improvement borne by the previous owner should be considered for calculating gains, leading to the appeal being allowed. Concerning the penalty under Section 271(1)(c), the tribunal ruled that the mere inability to substantiate a claim does not warrant a penalty, resulting in the appeal being allowed as well. en-us Wed, 14 Aug 2019 00:00:00 +0530 Wed, 11 May 2022 08:32:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302217 The tribunal in Chennai allowed both appeals of the Assessee in ITA No. 2680/Mds/2018 and ITA No. 2681/Mds/2018 on 14th August 2019. In the first issue regarding the assessment of capital gains, the tribunal held that the cost of improvement borne by the previous owner should be considered for calculating gains, leading to the appeal being allowed. Concerning the penalty under Section 271(1)(c), the tribunal ruled that the mere inability to substantiate a claim does not warrant a penalty, resulting in the appeal being allowed as well. Case-Laws Income Tax Wed, 14 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302217