2016 (12) TMI 1634

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..... ment year. In this case Co-ordinate Bench of ITAT, Ahmedabad has allowed the quantum appeal of the appellant/assessee. Therefore in such circumstances penalty cannot be levied. - Decided against revenue - I.T.A. No.2401/Ahd/2013 - - - Dated:- 14-12-2016 - SHRI N.K. BILLAIYA, ACCOUNTANT AND SHRI MAHAVIR PRASAD , JUDICIAL MEMBER Appellant by : Shri Sumit Kumar Verma, Sr.D.R Respondent .....

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..... 54 of the Act amounting ₹ 1,00,00,000/- holding that the conditions prescribed u/s.54 of the Act for availing of the exemption from capital gains tax on transfer of a residential house property was truly essentially not fulfilled. The AO also initiated penalty proceedings u/s.271(1)(c) of the Act for furnishing inaccurate particulars of income and accordingly, penalty notice u/s274 r.w.s. .....

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