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2013 (8) TMI 516 - ITAT AHMEDABADPenalty u/s 271(1)(c) - Application for reduction of penalty u/s 273A - Long term capital gain - Sale of ancestral property - CIT upheld penalty - Held that:- it is seen that the penalty was deleted by the Tribunal in the case of late Harshadrai Contractor, i.e. father of these two assessees, and also in the case of Shri Balvantrai S. Contractor, uncle of these two assessees, who was co- owner of this land having 73% right of ownership. - long term capital gain was not declared in the regular return of income by these assessees and the same was declared along with petition filed by the assessee under section 273A of the I.T.Act. Following decision of Late Harshadrai Contractor Through L/H. Paresh Contractor v. Income-Tax Officer [2013 (7) TMI 823 - ITAT AHMEDABAD] - Decided in favour of assessee.
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