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2015 (1) TMI 1464 - ITAT CHANDIGARHLevy of penalty u/s 271(1)(c) - Undisclosed sale of plots - facilitator under public development scheme - slums area in city of Chandigarh development by Chandigarh Administration floated a scheme - as argued assessee worked as a nodal agency to Chandigarh Administration - Chandigarh Administration to raise funds for the said scheme decided to develop Rajiv Gandhi Chandigarh Technology Park (RGCTP) on Public Private Partnership basis and to generate funds through auction of plots in this park and facilitate the development assessee purchased certain lands from Chandigarh Administration and after necessary formalities, some of the plots were auctioned though public auction HELD THAT:- Parties has ultimately reached to an amicable settlement with regard to the taxability of the proceeds received on auction of the plots. The Hon'ble Supreme Court has clearly observed that no penalty proceedings would be initiated. In our opinion in view of the amicable settlement reached and the assurance given before the Hon'ble Supreme Court as well as High Court, no penalty could be levied. We feel that this is not a fit case of levy of penalty and accordingly we set aside the order of Ld. CIT(A) and delete the penalty. - Decided in favour of assessee.
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