https://www.taxtmi.com/caselaws?id=238824 The appellate tribunal upheld the imposition of a penalty under Section 271(1)(C) of the Income-tax Act for furnishing inaccurate particulars of income but reduced it from 300% to 100% of the tax sought to be evaded. The tribunal found that while the assessee had inaccurately declared long-term capital gains, the penalty amount imposed by the Assessing Officer was excessive considering the error was attributed to the accountant's mistake and not intentional evasion. The appeal was partly allowed, modifying the penalty amount accordingly. en-us Tue, 11 Jun 2013 00:00:00 +0530 Tue, 22 Mar 2016 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238824 The appellate tribunal upheld the imposition of a penalty under Section 271(1)(C) of the Income-tax Act for furnishing inaccurate particulars of income but reduced it from 300% to 100% of the tax sought to be evaded. The tribunal found that while the assessee had inaccurately declared long-term capital gains, the penalty amount imposed by the Assessing Officer was excessive considering the error was attributed to the accountant's mistake and not intentional evasion. The appeal was partly allowed, modifying the penalty amount accordingly. Case-Laws Income Tax Tue, 11 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238824