2010 (10) TMI 115 - HC - Income Tax

Penalty - Long term capital gain - the respondent surrendered the long term capital gain to buy peace of mind. Subsequently the penalty proceedings were started against her - Held that - assessing authority dropped the penalty proceedings after considering the reply of assessee and application of mind No substantial question of law arises in this appeal. It is dismissed

Summary

The respondent surrendered long term capital gain during assessment for 2001-02 to avoid penalty. Penalty proceedings were dropped after respondent's reply. Commissioner set aside the order, but Tribunal allowed the appeal. Tribunal found assessing authority considered reply before dropping penalty proceedings. No substantial question of law, appeal dismissed.