https://www.taxtmi.com/caselaws?id=169115 The Tribunal allowed the appeal, setting aside the order of the Commissioner of Income-tax (Appeals) and deleting the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The penalty was deemed unjustified as it resulted from a bona fide mistake made by the counsel/advisor of the assessee, rather than the assessee themselves, in setting off unabsorbed depreciation and business losses against capital gains. The Tribunal emphasized that individuals should not be penalized for errors made by their advisors, ultimately leading to the deletion of the penalty in this case. en-us Thu, 20 Mar 2014 00:00:00 +0530 Mon, 06 Apr 2015 21:40:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169115 The Tribunal allowed the appeal, setting aside the order of the Commissioner of Income-tax (Appeals) and deleting the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The penalty was deemed unjustified as it resulted from a bona fide mistake made by the counsel/advisor of the assessee, rather than the assessee themselves, in setting off unabsorbed depreciation and business losses against capital gains. The Tribunal emphasized that individuals should not be penalized for errors made by their advisors, ultimately leading to the deletion of the penalty in this case. Case-Laws Income Tax Thu, 20 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169115