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2014 (4) TMI 857 - KARNATAKA HIGH COURTPenalty u/s 271(1)(c) of the Act LTCG Non-furnishing of information Denial of exemption u/s 54F of the Act - Held that:- The AO quoted wrong provision of law viz., Section 54 when, the exemption was claimed u/s 54F of the Act - The assessee had not deposited the long term capital gain in the capital gain account, and he had deposited the amount in his savings account with Vijaya Bank - he paid Rs.26,70,000/- to the owner of the property from the said account - the AO ought to have exercised the discretionary powers, while considering to impose penalty u/s 271(1)(c) - the assessee in response to the notice u/s 148 of the Act had paid LTCG tax and interest - the AO ought not to have imposed any penalty in exercise of the discretion vested in him Decided in favuor of Assessee.
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