https://www.taxtmi.com/caselaws?id=236521 The Tribunal ruled in favor of the appellant, deleting the penalty imposed under section 271(1)(c) for the addition made on long term capital gain under section 45(3) of the Income Tax Act, 1961. The Tribunal emphasized that since the issue was debatable, the penalty was not justified, as it is applicable in cases of concealment of income or furnishing inaccurate particulars. The Tribunal highlighted the importance of carefully assessing the justification of imposing penalties in cases where the issue is debatable under the provisions of the Income Tax Act, 1961. en-us Fri, 05 Jul 2013 00:00:00 +0530 Fri, 30 Aug 2013 13:21:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236521 The Tribunal ruled in favor of the appellant, deleting the penalty imposed under section 271(1)(c) for the addition made on long term capital gain under section 45(3) of the Income Tax Act, 1961. The Tribunal emphasized that since the issue was debatable, the penalty was not justified, as it is applicable in cases of concealment of income or furnishing inaccurate particulars. The Tribunal highlighted the importance of carefully assessing the justification of imposing penalties in cases where the issue is debatable under the provisions of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 05 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236521