2016 (12) TMI 1634

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..... al titled as ACIT, Circle-10 Vs. Kalpanaben M. Bhatt [2012 (7) TMI 718 - ITAT, DELHI] for the same assessment year. In this case Co-ordinate Bench of ITAT, Ahmedabad has allowed the quantum appeal of the appellant/assessee. Therefore in such circumstances penalty cannot be levied. - Decided against revenue
SHRI N.K. BILLAIYA, ACCOUNTANT AND SHRI MAHAVIR PRASAD , JUDICIAL MEMBER Appellant by : .....

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..... y the assessee under section 54 of the Act amounting ₹ 1,00,00,000/- holding that the conditions prescribed u/s.54 of the Act for availing of the exemption from capital gains tax on transfer of a residential house property was truly & essentially not fulfilled. The AO also initiated penalty proceedings u/s.271(1)(c) of the Act for furnishing inaccurate particulars of income and accordingly, .....

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