https://www.taxtmi.com/caselaws?id=337176 The Appellate Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. It held that the correction of a bona fide mistake in the computation of income did not constitute concealment or furnishing inaccurate particulars of income, thus not warranting a penalty. The Tribunal found that the assessee had disclosed complete details and that the difference in income arose due to a genuine error in indexation benefit calculation for short-term capital gains. en-us Fri, 23 Dec 2016 00:00:00 +0530 Wed, 04 Jan 2017 08:57:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337176 The Appellate Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. It held that the correction of a bona fide mistake in the computation of income did not constitute concealment or furnishing inaccurate particulars of income, thus not warranting a penalty. The Tribunal found that the assessee had disclosed complete details and that the difference in income arose due to a genuine error in indexation benefit calculation for short-term capital gains. Case-Laws Income Tax Fri, 23 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337176