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2018 (1) TMI 732 - AT - Income TaxPenalty u/s 271(1)(c) - concealment of long term capital gain arised on account of sale of agricultural land - as per assessee sale transaction and long term capital gain were shown in the return of income of HUF on the advice of Tax consultant - Held that:- the assessee has filed all the details of the alleged transaction of sale of agriculture land as well as various rebates and exemptions claimed which have been shown in the income tax return filed by the assessee in the capacity of his HUF. It cannot be presumed that the assessee concealed particulars of income or furnished inaccurate particulars of income because the assessee has shown transaction of sale of agriculture land in the hands of assessee’s HUF as the property in question was ancestral. We, therefore find no reason to interfere in the findings of Ld. CIT(A) deleting the penalty u/s 271(1)(c) - Decded in favour of assessee
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