https://www.taxtmi.com/caselaws?id=357761 The Tribunal allowed the appeal, determining that the appellant's declaration of income as Long term Capital gains was made in good faith, with no concealment or furnishing inaccurate particulars of income. The penalty under section 271(1)(c) of the IT Act was considered unjustified due to the absence of contrary material supporting the penalty and the appellant's bonafide belief in the tax treatment of the income. en-us Tue, 27 Mar 2018 00:00:00 +0530 Thu, 29 Mar 2018 11:07:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357761 The Tribunal allowed the appeal, determining that the appellant's declaration of income as Long term Capital gains was made in good faith, with no concealment or furnishing inaccurate particulars of income. The penalty under section 271(1)(c) of the IT Act was considered unjustified due to the absence of contrary material supporting the penalty and the appellant's bonafide belief in the tax treatment of the income. Case-Laws Income Tax Tue, 27 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357761