Saturday, September 22, 2018

No concealment penalty if sec. 54 relief was disallowed on ground that property sold wasn't residential

IT: Where assessee's claim of exemption under section 54 was disallowed on ground that property sold by assessee was not residential, however, assessee had neither concealed his income nor furnished inaccurate particulars of income, penalty imposed under section 271(1)(c) was rightly deleted by Tribunal

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...