Case Law Details
Jagubhai Chhaganbhai Patel Vs I.T.O (ITAT Surat)
In this cases in quantum appeals assessee was granted substantial relief in deleting major part of additions and only part of capital gains only on account of cost of improvement on pucca structure was partly upheld on estimation basis. Therefore, all substantial additions were either deleted or upheld only on estimation basis. In our considered view no penalty under section 271(1)(c) of the Act is leviable on this assessee. In the result, the grounds of appeal raised by the assessee are allowed.
FULL TEXT OF THE ORDER OF ITAT SURAT
1. This appeal by the assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-2, Surat (in short, the ld. CIT(A) dated 10/10/2017 for the Assessment year 2007-08. The assessee has raised following grounds of appeal:
“1. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of assessing officer ion levying penalty of Rs. 6,13,500/- u/s 271(1)(c) of the I.T. Act, 1961, on addition of Rs. 23,09,710/- on account of capital gain and income from other sources being compulsory acquisition of land.
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