https://www.taxtmi.com/caselaws?id=427930 The ITAT Jaipur allowed the appeal of the assessee, deleting the penalty of Rs.5,000 imposed under section 271F for not filing the income tax return. The decision was based on the failure to consider the benefits of indexed cost of acquisition and improvement, which would have resulted in the capital gain falling below the taxable limit. The Bench emphasized the importance of reasonable cause in penalty assessments and upheld the principles of substantial justice in the application of tax laws. en-us Thu, 15 Sep 2022 00:00:00 +0530 Mon, 19 Sep 2022 19:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427930 The ITAT Jaipur allowed the appeal of the assessee, deleting the penalty of Rs.5,000 imposed under section 271F for not filing the income tax return. The decision was based on the failure to consider the benefits of indexed cost of acquisition and improvement, which would have resulted in the capital gain falling below the taxable limit. The Bench emphasized the importance of reasonable cause in penalty assessments and upheld the principles of substantial justice in the application of tax laws. Case-Laws Income Tax Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427930