https://www.taxtmi.com/caselaws?id=262300 The appellant's penalty for excess interest deduction under section 24(b) of the Income Tax Act was deleted as the appellant's claim for a higher deduction was plausible, and there was no evidence of concealment or furnishing inaccurate particulars. Additionally, the penalty related to the short computation of long-term capital gains was also deleted as the adjustments made by the AO did not warrant penalty, and the appellant had disclosed all primary facts. Consequently, the penalty of Rs. 2,18,300 was deleted, and the appeal was allowed. en-us Thu, 30 Jul 2015 00:00:00 +0530 Fri, 07 Aug 2015 06:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262300 The appellant's penalty for excess interest deduction under section 24(b) of the Income Tax Act was deleted as the appellant's claim for a higher deduction was plausible, and there was no evidence of concealment or furnishing inaccurate particulars. Additionally, the penalty related to the short computation of long-term capital gains was also deleted as the adjustments made by the AO did not warrant penalty, and the appellant had disclosed all primary facts. Consequently, the penalty of Rs. 2,18,300 was deleted, and the appeal was allowed. Case-Laws Income Tax Thu, 30 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262300