https://www.taxtmi.com/caselaws?id=185597 The Tribunal canceled the penalty imposed under section 271(1)(c) for interest received on Government of India-Capital Index Bonds, as the mistake was inadvertent and the interest was voluntarily offered for taxation. Similarly, the penalty for inaccurately categorizing premium on redemption of debentures was also canceled, as it was deemed a mere change of income head and not concealment. The penalty for disallowance of repair expenses treated as capital expenditure was deleted, considering the bonafide nature of the claim. The Tribunal upheld the assessee's appeals and dismissed the department's appeal on penalties. en-us Fri, 27 Jul 2012 00:00:00 +0530 Mon, 17 Oct 2016 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185597 The Tribunal canceled the penalty imposed under section 271(1)(c) for interest received on Government of India-Capital Index Bonds, as the mistake was inadvertent and the interest was voluntarily offered for taxation. Similarly, the penalty for inaccurately categorizing premium on redemption of debentures was also canceled, as it was deemed a mere change of income head and not concealment. The penalty for disallowance of repair expenses treated as capital expenditure was deleted, considering the bonafide nature of the claim. The Tribunal upheld the assessee's appeals and dismissed the department's appeal on penalties. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185597