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2011 (2) TMI 951 - HC - Income TaxAppeal to High Court - Exemption u/s 54B - The assessee was sought to be taxed on the capital gain received on account of sale of land - The assessee claimed exemption under Section 54B and 54F on the ground that amount received by way of capital gain was utilized in purchase of agricultural land and for construction of a new house - The said plea was not accepted by the Assessing Officer - Held that:no appeal has been filed by the revenue against the order of the Tribunal whereby plea of the assessee for exemption was upheld. The Assessing Officer had levied penalty u/S 271(1)(c) on the ground that the assessee failed to declare her income and the plea of the assessee that income was exempted from tax was not correct - The CIT(A) held that the concealment was not proved and therefore, set aside the penalty which view was upheld by the Tribunal - The Tribunal has given additional reason that in the order of assessment due satisfaction was not recorded for initiating penalty proceedings.
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