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2019 (4) TMI 206 - AT - Income TaxPenalty u/s 271(1)(c) - capital gains arising on sale of property - assessee had bonafide belief that land was an agricultural land and was therefore exempted from capital gain tax - As per assessee land belong to HUF and was not the individual property - HELD THAT:- We have perused the order of the CIT(A) in this regard and also the order of the AO in penalty proceedings as well as quantum proceedings. We notice that CIT(A) has appreciated the facts and circumstances of the case in perspective as noted above and applied the law in proper perspective. The assessee has demonstrated that the bonafide circumstances existed for non-inclusion of the capital gains. The assessee was under mistaken belief that land sold being agricultural land is not susceptible to tax. The CIT(A) has rightly interpreted the fact situation and granted relief. We thus decline to interfere. - decided against revenue.
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