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2018 (10) TMI 1300 - GUJARAT HIGH COURTPenalty u/s 271(1)(c) - concealment of income by way of wrong claim of cost of acquisition to evade long term capital gains - Held that:- We gather that the issue pertains to valuation of leasehold rights as on 1.4.1981. AO did not accept valuation adopted by the assessee and made corresponding additions. We notice that on merits itself substantial additions were deleted by higher authorities. Thus the issue itself was highly debatable and substantially fact based. In background of such facts the Tribunal held that this is not a fit case for penalty. No interference is needed. - Decided against revenue
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