TMI Blog2011 (2) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... ized in purchase of agricultural land and for construction of a new house - The said plea was not accepted by the Assessing Officer - Held that:no appeal has been filed by the revenue against the order of the Tribunal whereby plea of the assessee for exemption was upheld. The Assessing Officer had levied penalty u/S 271(1)(c) on the ground that the assessee failed to declare her income and the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. We proceed to decide the matter after hearing learned counsel for the parties. 2. This appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 against order dated 16.9.2005 passed by the Income Tax Appellate Tribunal, Delhi Bench 'A',Delhi in ITA No.3873/DEL/2004, for the assessment year 1996-97, claiming following substantial questions of law:- i). Whet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances of the case, the Hon'ble ITAT was correct in not deciding the issue of levy of penalty u/s 271(1)(c) of the Income Tax Act on merits of the case and in cancelling the penalty merely on the issue of recording of satisfaction? 3. The assessee was sought to be taxed on the capital gain received on account of sale of land. The assessee claimed exemption under Section 54B and 54F on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been filed by the revenue against the order of the Tribunal whereby plea of the assessee for exemption was upheld. The assessee having succeeded in quantum proceedings and present appeal being on the question of penalty, the same was liable to dismissed. 5. The Assessing Officer had levied penalty under Section 271(1)(c) on the ground that the assessee failed to declare her income and the plea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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