https://www.taxtmi.com/caselaws?id=262961 The Tribunal allowed the Assessee's appeal, deleting the penalty levied under section 271(1)(c) of the Income Tax Act. The Tribunal found the Assessee's actions did not amount to willful tax avoidance or evasion, citing similarities to a previous case. The Assessee's classification of the loss on the sale of shares and the sale price were deemed appropriate, and the actual consideration received was to be used for computing capital gain/loss. The appeal was allowed, and the order was pronounced on 13-08-2015. en-us Thu, 13 Aug 2015 00:00:00 +0530 Mon, 24 Aug 2015 09:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262961 The Tribunal allowed the Assessee's appeal, deleting the penalty levied under section 271(1)(c) of the Income Tax Act. The Tribunal found the Assessee's actions did not amount to willful tax avoidance or evasion, citing similarities to a previous case. The Assessee's classification of the loss on the sale of shares and the sale price were deemed appropriate, and the actual consideration received was to be used for computing capital gain/loss. The appeal was allowed, and the order was pronounced on 13-08-2015. Case-Laws Income Tax Thu, 13 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262961