https://www.taxtmi.com/caselaws?id=188991 The appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-2008 was successful. The Tribunal ruled in favor of the appellant, an assessee, noting that the disagreement on the tax rate for short term capital gain did not warrant a penalty if the particulars provided were not inaccurate. Citing a Supreme Court decision and a precedent case, the Tribunal ordered the deletion of the penalty as the facts were similar to the precedent case. Consequently, the penalty of `26,68,707 was deleted, and the appeal was allowed. en-us Wed, 26 Jun 2013 00:00:00 +0530 Thu, 22 Dec 2016 17:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188991 The appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-2008 was successful. The Tribunal ruled in favor of the appellant, an assessee, noting that the disagreement on the tax rate for short term capital gain did not warrant a penalty if the particulars provided were not inaccurate. Citing a Supreme Court decision and a precedent case, the Tribunal ordered the deletion of the penalty as the facts were similar to the precedent case. Consequently, the penalty of `26,68,707 was deleted, and the appeal was allowed. Case-Laws Income Tax Wed, 26 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188991