https://www.taxtmi.com/caselaws?id=435838 The Appellate Tribunal ITAT KOLKATA set aside the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the rent paid by the developer to the assessee was a capital receipt and not taxable income. Consequently, the penalty was deemed unjustified, and the appeal of the assessee was allowed, leading to the deletion of the penalty. en-us Mon, 13 Mar 2023 00:00:00 +0530 Tue, 28 Mar 2023 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435838 The Appellate Tribunal ITAT KOLKATA set aside the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the rent paid by the developer to the assessee was a capital receipt and not taxable income. Consequently, the penalty was deemed unjustified, and the appeal of the assessee was allowed, leading to the deletion of the penalty. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435838