https://www.taxtmi.com/caselaws?id=446102 ITAT Ahmedabad allowed the assessee's appeal against penalty u/s 271(1)(c) imposed for addition on sale of land where exemption u/s 54F was denied. The tribunal held that since the assessee claimed exemption u/s 54 under bonafide belief for long-term capital gains from land purchase for residence construction, and fully disclosed details in return and assessment proceedings, no concealment of income particulars occurred. Following Supreme Court precedent in Reliance Petroproducts case, penalty was deleted. The tribunal also condoned 1823 days delay in filing appeal, accepting assessee's explanation of residing abroad and relying on family coordination with tax consultant as genuine circumstances. en-us Fri, 03 Nov 2023 00:00:00 +0530 Sat, 25 Nov 2023 07:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446102 ITAT Ahmedabad allowed the assessee's appeal against penalty u/s 271(1)(c) imposed for addition on sale of land where exemption u/s 54F was denied. The tribunal held that since the assessee claimed exemption u/s 54 under bonafide belief for long-term capital gains from land purchase for residence construction, and fully disclosed details in return and assessment proceedings, no concealment of income particulars occurred. Following Supreme Court precedent in Reliance Petroproducts case, penalty was deleted. The tribunal also condoned 1823 days delay in filing appeal, accepting assessee's explanation of residing abroad and relying on family coordination with tax consultant as genuine circumstances. Case-Laws Income Tax Fri, 03 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446102