https://www.taxtmi.com/caselaws?id=257640 The Court held that penalties under Section 271(1)(c) of the Income Tax Act were not justified as the appellant disclosed all income details, and the error in treating the transaction as long-term capital gain was a mistake, not deliberate concealment. The Court emphasized the need for clear evidence of deliberate concealment or submission of inaccurate particulars to impose penalties, quashing the penalty orders imposed by the Assessing Officer, Commissioner of Income Tax, and the Tribunal. en-us Mon, 23 Feb 2015 00:00:00 +0530 Tue, 11 Aug 2015 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257640 The Court held that penalties under Section 271(1)(c) of the Income Tax Act were not justified as the appellant disclosed all income details, and the error in treating the transaction as long-term capital gain was a mistake, not deliberate concealment. The Court emphasized the need for clear evidence of deliberate concealment or submission of inaccurate particulars to impose penalties, quashing the penalty orders imposed by the Assessing Officer, Commissioner of Income Tax, and the Tribunal. Case-Laws Income Tax Mon, 23 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257640