2006 (7) TMI 118

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....lhi Bench "A", New Delhi in I. T. A. No. 3887/Del/2004 relevant to the assessment year 1993-94. 2. The assessee had filed its return of income wherein it had disclosed a capital gain of Rs. 19,45,920 from the sale of land. Thereafter, the assessee filed a revised return wherein it claimed that the capital gain shown earlier was exempt from tax being agricultural land. This was on the basis of a....

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....er section 271(1) (c) of the Income-tax Act. 7. Aggrieved by the order passed by the Assessing Officer in penalty proceedings, the assessee approached the Commissioner of Income-tax (Appeals) who set aside the order passed by the Assessing Officer in the penalty proceedings on the ground that the assessee had acted bona fide on the basis of an advise received from the Municipal Corporation, the....