https://www.taxtmi.com/caselaws?id=752633 ITAT Surat allowed the assessee's appeals. The Tribunal condoned a 170-day delay in filing appeal before CIT(A), citing reliance on tax consultant's advice as sufficient cause per SC precedent. The Tribunal held that compensation received for compulsorily acquired rural agricultural land in Hazira notified area was exempt under Section 10(37), making capital gains non-taxable. Consequently, penalties under Sections 271(1)(c) and 271F were deleted as no taxable income existed and no return filing obligation arose. en-us Mon, 01 Jan 2024 00:00:00 +0530 Tue, 14 May 2024 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752633 ITAT Surat allowed the assessee's appeals. The Tribunal condoned a 170-day delay in filing appeal before CIT(A), citing reliance on tax consultant's advice as sufficient cause per SC precedent. The Tribunal held that compensation received for compulsorily acquired rural agricultural land in Hazira notified area was exempt under Section 10(37), making capital gains non-taxable. Consequently, penalties under Sections 271(1)(c) and 271F were deleted as no taxable income existed and no return filing obligation arose. Case-Laws Income Tax Mon, 01 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752633