https://www.taxtmi.com/caselaws?id=180490 The Tribunal cancelled the penalty imposed under section 271(1)(c) by CIT(A) XIX, Mumbai on the appellant for declaring inaccurate particulars of income as long term capital gain. The appellant's submission of a revised return, reclassifying the income, was considered bona fide, leading to the cancellation of the penalty as it was filed with the understanding that no penalty proceedings would be initiated. The Tribunal found no concealment or deliberate inaccuracies, resulting in the cancellation of penalties for all appellants in similar cases within the group. en-us Tue, 23 Mar 2010 00:00:00 +0530 Sat, 26 Mar 2016 11:53:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180490 The Tribunal cancelled the penalty imposed under section 271(1)(c) by CIT(A) XIX, Mumbai on the appellant for declaring inaccurate particulars of income as long term capital gain. The appellant's submission of a revised return, reclassifying the income, was considered bona fide, leading to the cancellation of the penalty as it was filed with the understanding that no penalty proceedings would be initiated. The Tribunal found no concealment or deliberate inaccuracies, resulting in the cancellation of penalties for all appellants in similar cases within the group. Case-Laws Income Tax Tue, 23 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180490