INCOME TAX : Where assessee paid sale proceeds of an agricultural land for purchasing property, to a firm, and claimed exemption under section 54B/F, since AO did not examine claim of assessee whether money was given to firm for investment in property or not, it could not be presumed that mere wrong claim of exemption was wilful evasion of tax; furthermore as penalty proceedings initiated against assessee were set aside by Tribunal, quashing of prosecution would be automaticINCOME TAX : Where assessee paid sale proceeds of an agricultural land for purchasing property, to a firm, and claimed exemption under section 54B/F, since AO did not examine claim of assessee whether money was given to firm for investment in property or not, it could not be presumed that mere wrong claim of exemption was wilful evasion of tax; furthermore as penalty proceedings initiated against assessee were set aside by Tribunal, quashing of prosecution would be automaticwww.taxmann.com Latest Case LawsRead More
