https://www.taxtmi.com/caselaws?id=180197 Penalty under section 271(1)(c) was held unsustainable where the assessee's long-term capital gain exemption claim under section 10(38) was supported by broker bills and was made under a bona fide belief. The Tribunal noted that the Assessing Officer had not examined the exemption issue at the assessment stage, and the penalty was triggered only after the appellate authority later found the statutory conditions for exemption were not met. A claim that is ultimately disallowed in law does not, by itself, establish concealment or furnishing of inaccurate particulars. On that basis, the penalty was cancelled. en-us Wed, 13 Mar 2013 00:00:00 +0530 Fri, 18 Mar 2016 14:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180197 Penalty under section 271(1)(c) was held unsustainable where the assessee's long-term capital gain exemption claim under section 10(38) was supported by broker bills and was made under a bona fide belief. The Tribunal noted that the Assessing Officer had not examined the exemption issue at the assessment stage, and the penalty was triggered only after the appellate authority later found the statutory conditions for exemption were not met. A claim that is ultimately disallowed in law does not, by itself, establish concealment or furnishing of inaccurate particulars. On that basis, the penalty was cancelled. Case-Laws Income Tax Wed, 13 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180197