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2017 (7) TMI 959 - HC - Income TaxPenalty under Section 271(1) (c) - Transfer exigible to tax by reference to Section 2(47)(v) of the Income Tax Act, 1961 read with Section 53-A of the Transfer of Property Act, 1882 - JDA entered by assessee - Held that:- Learned counsel for the appellant has not been able to controvert the applicability of the decision rendered in C.S. Atwal’s case (2015 (7) TMI 878 - PUNJAB & HARYANA HIGH COURT ) and that no capital gains on unrealized amount would accrue or arise to the assessee. Once that is so, no penalty under Section 271(1) (c) of the Act would be exigible. The substantial questions of law claimed in this appeal are answered in favour of assessee.
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