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2016 (9) TMI 202 - ITAT DELHIPenalty u/s 271(1)(c) - exemption from the capital gain claimed - compensation received against tenancy rights - Held that:- The assessee has disclosed all particulars of income in respect of the claim of exemption from the capital gain as well as income from interest on FDR and the expenses claimed against their on and no particulars filed has been found to be incorrect or inaccurate by the authorities below. Further, the assessee has offered explanation as why it claimed exemption from the capital gain, under bona fide belief that the alternative land would be allotted to the assessee and the amount of compensation would be utilized against that within the time prescribed. This explanation has been not found to be false by the authorities below. Further, the assessee has proved that the explanation is bonafide and all the facts relating to same and material to the computation of total income, have been disclosed by the assessee. In such circumstances the Explanation-I to section 271(1)(c) of the Act is also not attracted in the case of assessee. - Decided in favour of assessee
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