https://www.taxtmi.com/caselaws?id=336494 The Tribunal held that the penalty under Section 271(1)(c) of the Income-tax Act was not justified as the assessee's mistake in claiming exemption for long-term capital gains was bona fide and inadvertent. The penalty of Rs. 81,030 imposed by the Assessing Officer was deleted, and the appeal was allowed, setting aside the penalty for the assessment year 2009-10. en-us Mon, 24 Oct 2016 00:00:00 +0530 Thu, 22 Dec 2016 15:29:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336494 The Tribunal held that the penalty under Section 271(1)(c) of the Income-tax Act was not justified as the assessee's mistake in claiming exemption for long-term capital gains was bona fide and inadvertent. The penalty of Rs. 81,030 imposed by the Assessing Officer was deleted, and the appeal was allowed, setting aside the penalty for the assessment year 2009-10. Case-Laws Income Tax Mon, 24 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336494