https://www.taxtmi.com/caselaws?id=341989 The Tribunal set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income-tax Act, 1961, on the appellant for inaccurate claim of Long Term Capital Gain exemption under Section 10(38). Despite the incorrect claim, the Tribunal ruled that it did not amount to concealment or furnishing inaccurate particulars, emphasizing that a claim not sustainable in law does not warrant penalty imposition. The appeal was allowed, quashing the penalty, with the judgment pronounced on 12/04/2017. en-us Wed, 12 Apr 2017 00:00:00 +0530 Sat, 22 Apr 2017 06:53:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341989 The Tribunal set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income-tax Act, 1961, on the appellant for inaccurate claim of Long Term Capital Gain exemption under Section 10(38). Despite the incorrect claim, the Tribunal ruled that it did not amount to concealment or furnishing inaccurate particulars, emphasizing that a claim not sustainable in law does not warrant penalty imposition. The appeal was allowed, quashing the penalty, with the judgment pronounced on 12/04/2017. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341989