Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (3) TMI 452 - HC - Income TaxPenalty- The assessee had income from house property and agricultural land. One of the house property was demolished and taken up for construction of a commercial complex and portion of properties were sold after constructions and the proceeds were utilized for completion of building. The assessee was receiving rental income from the property. Thus, the penalty was imposed on the assessee under section 271(1)(a) of the Act. The assessee explained that he was not in a position to pay the self assessment tax on account of paucity of funds. The Tribunal deleted the penalty. Held that- merely because the assessee had taken loans for the construction of the building, it could not be said that the assessee had no funds to pay the self assessment tax as a karta of the Hindu Undivided family. The imposition of penalty u/s 271(1)(a) of the Act was just and proper.
|