1979 (5) TMI 92 - AT - Income Tax

Summary

The judgment involves an appeal related to assessment of capital gains for the assessment year 1968-69. The assessee claimed exemption from capital gains due to potential government acquisition of properties sold. The tribunal found that there was no basis for the assessee's claim and upheld the assessment of capital gains. The appeal was dismissed.

In a separate appeal regarding concealment penalty for the same assessment year, the tribunal found no evidence of concealment and cancelled the penalty imposed. The appeal was allowed.