Dismissing the appeal of the revenue the Court held that , due to cancellation of agreement amount receivable in respect of land was not transferred hence levy of penalty was held to be not justified ( AY. 2007 -08)
PCIT v. Sewa Singh Sekhwan. (2018) 400 ITR 347 (P&H) (HC)
S. 271(1)(c) : Penalty – Concealment -Capital gains- Cancellation of agreement – Amount receivable in respect of land was not transferred, hence penalty cannot be levied . [ S.2(47) (v), 45 ]