https://www.taxtmi.com/caselaws?id=355915 The Tribunal upheld the penalty for the wrongful claim of exemption under section 54, citing lack of bonafide action and contravention of statutory provisions. However, the penalty for the wrongful claim of set-off of brought forward Long Term Capital Losses was deleted due to mitigating circumstances and ambiguity benefiting the assessee. The appeal was partly allowed in favor of the assessee. en-us Thu, 21 Dec 2017 00:00:00 +0530 Tue, 20 Feb 2018 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355915 The Tribunal upheld the penalty for the wrongful claim of exemption under section 54, citing lack of bonafide action and contravention of statutory provisions. However, the penalty for the wrongful claim of set-off of brought forward Long Term Capital Losses was deleted due to mitigating circumstances and ambiguity benefiting the assessee. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Thu, 21 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355915