https://www.taxtmi.com/caselaws?id=343802 Penalty under section 271(1)(c) was found unwarranted where the assessee had disclosed the transaction and the addition arose from a mistaken application of the tax rate and an error in computing the cost of acquisition. The Tribunal accepted that the wrong claim was inadvertent and bona fide, and held that penalty is not justified in the absence of deliberate concealment or furnishing of inaccurate particulars. On that basis, the penalty was deleted. en-us Mon, 29 May 2017 00:00:00 +0530 Fri, 02 Jun 2017 06:15:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343802 Penalty under section 271(1)(c) was found unwarranted where the assessee had disclosed the transaction and the addition arose from a mistaken application of the tax rate and an error in computing the cost of acquisition. The Tribunal accepted that the wrong claim was inadvertent and bona fide, and held that penalty is not justified in the absence of deliberate concealment or furnishing of inaccurate particulars. On that basis, the penalty was deleted. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343802