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Section 54b
Assesses had CG income from sale of urban agriculture land for the AY 2014-15. he had filed his income tax return after due date u/s 139(1) & claimed exemption u/s 54B in his income tax return.
but sale proceed received on such land did not deposit in specified bank account.
please advice
Can Dept allowed his claimed under section 54B or not?
if not then what remedy available to the assesses for escape penal provision in the income tax.
Replies (2)
No. Request to pardon off penalty based on inability to perform the act even after best effort.
"In case of penalty proceedings, file explanation regarding the stand taken by the assessee and demonstrate how the same, though not accepted by the Revenue, was bona fide. The sustainability of penalty under section 271(1)(c) of the Act, to a large extent, depends on the explanation of the assessee and its substantiation – Refer Explanation 1 to section 271(1)(iii) of the Act."
Thanks Sir
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