2019 (1) TMI 548

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....Respondent. P.C. : 1 This appeal is filed by the Revenue challenging judgment and order dated 16th September, 2015 passed by the Income-tax Appellate Tribunal ("the Tribunal" for short). 2. The Revenue has urged the following question of law for our consideration : "Whether on the facts and in the circumstances of the case and in law the ITAT was correct in deleting the penalty levied ....

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....on and insisted that the entire capital gain should have been offered by the firm itself. The assessee in such circumstance argued that in such case the tax paid on the amounts paid offered to the sisters may be given to the credit of. The Assessing Officer accepted such requests. 5. It was in this background that the Assessing Officer initiated the penalty proceeded for their declaration of ca....