https://www.taxtmi.com/caselaws?id=331987 The Tribunal found that penalties under section 271(1)(c) of the Income Tax Act were unjustified in the case. Penalties related to disallowed expenses, understatement of income, short term capital gains, capital receipts claimed as gifts, differences in opinion on capital gains tax timing, and undisclosed bank balance were all contested by the assessees. The Tribunal concluded that there was no evidence of inaccurate particulars or concealment of income, leading to the deletion of penalties for both parties. All four appeals were allowed. en-us Thu, 28 Jul 2016 00:00:00 +0530 Wed, 07 Sep 2016 11:41:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331987 The Tribunal found that penalties under section 271(1)(c) of the Income Tax Act were unjustified in the case. Penalties related to disallowed expenses, understatement of income, short term capital gains, capital receipts claimed as gifts, differences in opinion on capital gains tax timing, and undisclosed bank balance were all contested by the assessees. The Tribunal concluded that there was no evidence of inaccurate particulars or concealment of income, leading to the deletion of penalties for both parties. All four appeals were allowed. Case-Laws Income Tax Thu, 28 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331987