Capital Gain arising from Sale of Land not Receipts from Business: ITAT deletes Penalty u/s 271 B [Read Order]

Capital gain - sale of land - business - ITAT - penalty - taxscan

The Income Tax Appellate Tribunal (ITAT), Pune Bench held that Capital gain arising from sale of land not receipts from business, thereby deleting penalty imposed under Section 271B of the Income Tax Act, 1961 The assessee, Lalit Sakalchand Gandhi, is an individual, a partner and director in Shatrunjay Infrastructure and Shatrunjay Parks and Resorts Ltd….

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