https://www.taxtmi.com/caselaws?id=265664 The case involved an appeal against the levy of penalty under section 271(1)(c) of the Income Tax Act, 1961 for misclassifying capital gains. The Tribunal ruled in favor of the assessee, finding that the error in computing capital gains was unintentional and not an attempt to conceal income. Emphasizing the distinction between inadvertent errors and deliberate concealment, the Tribunal set aside the penalty, stating that a mistaken calculation alone does not constitute furnishing inaccurate particulars of income. en-us Mon, 07 Sep 2015 00:00:00 +0530 Wed, 14 Oct 2015 07:45:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265664 The case involved an appeal against the levy of penalty under section 271(1)(c) of the Income Tax Act, 1961 for misclassifying capital gains. The Tribunal ruled in favor of the assessee, finding that the error in computing capital gains was unintentional and not an attempt to conceal income. Emphasizing the distinction between inadvertent errors and deliberate concealment, the Tribunal set aside the penalty, stating that a mistaken calculation alone does not constitute furnishing inaccurate particulars of income. Case-Laws Income Tax Mon, 07 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265664