https://www.taxtmi.com/caselaws?id=345193 The Tribunal allowed the Assessee's appeal against the penalty imposed under section 271(1)(c) of the IT Act. The penalty was canceled as the discrepancy in short term capital gains did not impact the total income assessed, rendering the penalty unjustified. The Tribunal found that the penalty notice lacked specificity on the nature of income escapement, aligning with prior decisions. The Assessee's grounds were upheld, and the appeal was allowed on 12th April 2017. en-us Wed, 12 Apr 2017 00:00:00 +0530 Tue, 11 Jul 2017 07:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345193 The Tribunal allowed the Assessee's appeal against the penalty imposed under section 271(1)(c) of the IT Act. The penalty was canceled as the discrepancy in short term capital gains did not impact the total income assessed, rendering the penalty unjustified. The Tribunal found that the penalty notice lacked specificity on the nature of income escapement, aligning with prior decisions. The Assessee's grounds were upheld, and the appeal was allowed on 12th April 2017. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345193