https://www.taxtmi.com/caselaws?id=207841 The Tribunal upheld penalties under section 271(1)(c) for understatement of Long Term Capital Gain (LTCG) in both individual and Hindu Undivided Family (HUF) cases. The assessee's claim of a bona fide mistake regarding the cost of acquisition of shares was rejected, with the Tribunal emphasizing that the revised computations were made only after detection by the Assessing Officer (AO). The penalties were upheld except for a portion related to LTCG declared in the following year for the HUF case, where the penalty was directed to be re-computed and restricted. en-us Fri, 26 Mar 2010 00:00:00 +0530 Tue, 27 Dec 2011 08:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207841 The Tribunal upheld penalties under section 271(1)(c) for understatement of Long Term Capital Gain (LTCG) in both individual and Hindu Undivided Family (HUF) cases. The assessee's claim of a bona fide mistake regarding the cost of acquisition of shares was rejected, with the Tribunal emphasizing that the revised computations were made only after detection by the Assessing Officer (AO). The penalties were upheld except for a portion related to LTCG declared in the following year for the HUF case, where the penalty was directed to be re-computed and restricted. Case-Laws Income Tax Fri, 26 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207841