Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (10) TMI 670 - AT - Income TaxPenalty u/s 271(1)(c) - Capital gain - Deduction u/s 54F - The builder has also stated that he has effected modification of the flats to make it as one unit by opening the door in between two apartments - assessee could have purchased both the flats in one single sale deed or could have narrated the purchase of two premises as one unit in the sale deed is not the ground to hold that the assessee had no intention to purchase the two flats as one unit - Decided in favour of the assessee Regarding penalty - Nowhere has the AO said that the particulars furnished by the assessee are inaccurate or in correct. He levied penalty only because judicial decisions are against the assessee - The taxable capital gain is shown in the return of income and non-taxable capital gain claimed according to the assessee, which is explained elaborately above was detailed in the computation sheet that accompanied the return of income - the claim of deduction centres around interpretation of a provision based on various judgments of the Hon'ble High Court and the orders of the Tribunal - Decided in favour of the assessee
|