https://www.taxtmi.com/caselaws?id=313633 The HC dismissed the revenue's appeal under s. 260A of the IT Act, 1961, upholding the Tribunal's decision to cancel the penalty imposed under s. 271(1)(c) for the assessment year 2004-05. The Tribunal agreed with the CIT(A) that the assessee's reliance on a Gram Panchayat certificate for capital gains tax exemption was bona fide, with no intentional income concealment. The Tribunal found no concealment or inaccurate particulars, and no substantial question of law arose, leading to the dismissal of the appeal. en-us Mon, 10 Jan 2011 00:00:00 +0530 Thu, 25 Apr 2024 16:29:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313633 The HC dismissed the revenue's appeal under s. 260A of the IT Act, 1961, upholding the Tribunal's decision to cancel the penalty imposed under s. 271(1)(c) for the assessment year 2004-05. The Tribunal agreed with the CIT(A) that the assessee's reliance on a Gram Panchayat certificate for capital gains tax exemption was bona fide, with no intentional income concealment. The Tribunal found no concealment or inaccurate particulars, and no substantial question of law arose, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 10 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313633