https://www.taxtmi.com/caselaws?id=423076 The Tribunal allowed the appeals against penalties under section 271(1)(c) of the Income Tax Act in the Hazira Land Acquisition cases. It concluded that no penalties should be levied on the assessees due to substantial relief granted in the quantum appeals. The Tribunal's detailed analysis led to the decision to not impose penalties, considering the nature of the land transferred and the assessees' eligibility for exemption under section 10(37) for compulsory acquisition for agricultural purposes. en-us Mon, 02 May 2022 00:00:00 +0530 Fri, 27 May 2022 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423076 The Tribunal allowed the appeals against penalties under section 271(1)(c) of the Income Tax Act in the Hazira Land Acquisition cases. It concluded that no penalties should be levied on the assessees due to substantial relief granted in the quantum appeals. The Tribunal's detailed analysis led to the decision to not impose penalties, considering the nature of the land transferred and the assessees' eligibility for exemption under section 10(37) for compulsory acquisition for agricultural purposes. Case-Laws Income Tax Mon, 02 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423076