https://www.taxtmi.com/caselaws?id=31189 The High Court dismissed the revenue's appeal challenging the deletion of penalty under Section 271(1)(c) for the assessment year 2004-05. The Court emphasized the absence of any legal issue necessitating consideration, as the appellant conceded similarity with a previous decision and acknowledged no legal question for determination. The dispute centered on the assessee's claim of profit exemption under Section 10(36) of the IT Act for shares purchased before 1st March, 2003, leading to the deletion of the penalty by the CIT(A) and subsequent dismissal of the revenue's appeal by the ITAT, culminating in the High Court's decision to uphold the dismissal. en-us Mon, 28 Apr 2008 00:00:00 +0530 Wed, 22 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31189 The High Court dismissed the revenue's appeal challenging the deletion of penalty under Section 271(1)(c) for the assessment year 2004-05. The Court emphasized the absence of any legal issue necessitating consideration, as the appellant conceded similarity with a previous decision and acknowledged no legal question for determination. The dispute centered on the assessee's claim of profit exemption under Section 10(36) of the IT Act for shares purchased before 1st March, 2003, leading to the deletion of the penalty by the CIT(A) and subsequent dismissal of the revenue's appeal by the ITAT, culminating in the High Court's decision to uphold the dismissal. Case-Laws Income Tax Mon, 28 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31189