https://www.taxtmi.com/caselaws?id=358062 The Tribunal dismissed the Revenue's appeal challenging the deletion of penalty under section 271(1)(c) of the Income-tax Act, 1961. The penalty was imposed due to disallowance of benefit under section 10(38) for long-term capital gains and discrepancies in stock valuation. The Tribunal held that the issues were debatable, and the assessee's actions did not amount to concealment of income but were rather interpretation issues. Citing the decision in Reliance Petro Products Pvt. Ltd., the Tribunal concluded that incorrect claims do not necessarily constitute furnishing inaccurate particulars. Therefore, the CIT (A)'s decision to delete the penalty was upheld. en-us Wed, 31 Jan 2018 00:00:00 +0530 Thu, 05 Apr 2018 08:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358062 The Tribunal dismissed the Revenue's appeal challenging the deletion of penalty under section 271(1)(c) of the Income-tax Act, 1961. The penalty was imposed due to disallowance of benefit under section 10(38) for long-term capital gains and discrepancies in stock valuation. The Tribunal held that the issues were debatable, and the assessee's actions did not amount to concealment of income but were rather interpretation issues. Citing the decision in Reliance Petro Products Pvt. Ltd., the Tribunal concluded that incorrect claims do not necessarily constitute furnishing inaccurate particulars. Therefore, the CIT (A)'s decision to delete the penalty was upheld. Case-Laws Income Tax Wed, 31 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358062