https://www.taxtmi.com/caselaws?id=354304 The Tribunal canceled the penalty imposed under Section 271(1)(c) of the Income Tax Act, ruling in favor of the appellant. The appellant, a company, had mistakenly claimed exemption under Section 115JB for Long Term Capital Gain, which was not actually exempt. Despite the erroneous claim, the Tribunal considered it a bonafide mistake due to reliance on incorrect advice and cited legal precedents, including the Supreme Court's decision in CIT Vs Reliance Petroproducts Limited, to support its decision that such incorrect claims do not warrant a penalty for furnishing inaccurate particulars. en-us Fri, 19 Jan 2018 00:00:00 +0530 Tue, 23 Jan 2018 08:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354304 The Tribunal canceled the penalty imposed under Section 271(1)(c) of the Income Tax Act, ruling in favor of the appellant. The appellant, a company, had mistakenly claimed exemption under Section 115JB for Long Term Capital Gain, which was not actually exempt. Despite the erroneous claim, the Tribunal considered it a bonafide mistake due to reliance on incorrect advice and cited legal precedents, including the Supreme Court's decision in CIT Vs Reliance Petroproducts Limited, to support its decision that such incorrect claims do not warrant a penalty for furnishing inaccurate particulars. Case-Laws Income Tax Fri, 19 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354304