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2011 (1) TMI 274 - HC - Income TaxPenalty u/s 271(1)(c)- The assessee received compensation under the provisions of Land Acquisition Act, 1894 in view of acquisition of his land for public purpose - Enhanced compensation was subjected to tax as capital gain and in addition penalty was also levied - The CIT(A) set aside the levy of penalty holding that the assessee had not concealed the particulars of income but had only taken a bonafide plea that the disbursement of enhanced compensation had not become final - The Tribunal upheld the view of the CIT(A) - The Tribunal observed that the Assessing Officer had failed to record satisfaction for levy of penalty as required under the law - Accordingly, the appeals are dismissed.
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