https://www.taxtmi.com/caselaws?id=342278 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, for concealment of income and furnishing inaccurate particulars. The assessee's claim of bonafide error was rejected, with the Tribunal ruling that the omission to declare long-term capital gains was intentional to evade capital gains tax. The penalty was deemed justified as the actions were deliberate and not inadvertent mistakes. The appeal was dismissed, affirming the penalty imposed by the Assessing Officer and Commissioner of Income Tax (Appeals). en-us Thu, 27 Apr 2017 00:00:00 +0530 Mon, 01 May 2017 08:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342278 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, for concealment of income and furnishing inaccurate particulars. The assessee's claim of bonafide error was rejected, with the Tribunal ruling that the omission to declare long-term capital gains was intentional to evade capital gains tax. The penalty was deemed justified as the actions were deliberate and not inadvertent mistakes. The appeal was dismissed, affirming the penalty imposed by the Assessing Officer and Commissioner of Income Tax (Appeals). Case-Laws Income Tax Thu, 27 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342278