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2015 (8) TMI 1384 - AT - Income TaxCancellation of penalty under section 271(1)(c) - capital gain addition - Held that:- The facts of the case of assessee are admittedly identical as have been decided in the case of Shri C.S. Atwal Vs CIT, Ludhiana [2015 (7) TMI 878 - PUNJAB & HARYANA HIGH COURT] issue of exigibility to capital gain in favour of the assessee and against the revenue. In the case of the present assessee also, the assessee has, of his own filed another return of income disclosing all the material facts relating to transfer of plot and has disclosed capital gains on the amount which was actually received during the year under consideration. The dispute was left regarding transfer of plot and the amount which was not yet received through the agreement to sell. The ld. CIT(Appeals), therefore, on proper appreciation of the facts and material on record, correctly held that it is not a case of concealment of income or furnishing inaccurate particulars of income. - Decided in favour of assessee.
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