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2013 (6) TMI 823 - ITAT CHANDIGARH

2013 (6) TMI 823 - ITAT CHANDIGARH - TMI - ITA No. 1344/Chd/2012 - Dated:- 11-6-2013 - Sushma Chowla (Judicial Member) And T. R. Sood (Accountant Member) For the Appellant : Manjit Singh For the Respondent : Ajay Jain ORDER T. R. Sood (Accountant Member) This appeal is directed against the order passed by the ld. CIT(A), Chandigarh dated 19.10.2012. 2. In this appeal the Revenue has raised the following ground: The ld. CIT(A) is right in canceling the penalty imposed u/s 271(1)(c) by the Assessi .....

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sessee had also received interest on the said enhanced compensation at ₹ 21,62,124/-. The assessee had claimed exemption of the total amount u/s 10(37) of the Act. On enquiry it was submitted that the total amount was exempt u/s 10(37) of the Act. The Assessing Officer did not agree and subjected interest amount of ₹ 21,62,124/- to tax and penalty proceedings u/s 271(1)(c) of the Act were initiated. In response to the show cause notice for levy of penalty, it was stated that the asse .....

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decision of Hon'ble Jurisdictional High Court in case of CIT V. Karanbir Singh (2008) 303 ITR 231(PH). In any case the Hon'ble Supreme Court which reversed that decision has held that interest which is referable to Section 28 of Land Acquisition Act would form part of the compensation. It was also submitted that as far as penalty is concerned, the same is not leviable in view of the decision of Hon'ble Punjab & Haryana High Court in case of Bharat Lal Dagar (HUF) 335 ITR 345. Th .....

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