https://www.taxtmi.com/caselaws?id=358762 The Tribunal allowed the assessee's appeal and deleted the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's belief in no long-term capital gain tax liability was bona fide, supported by relevant details, and not proven false by the Revenue. Therefore, the penalty was deemed unwarranted, and the appeal was allowed, resulting in the deletion of the penalty. en-us Fri, 13 Apr 2018 00:00:00 +0530 Wed, 18 Apr 2018 06:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358762 The Tribunal allowed the assessee's appeal and deleted the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's belief in no long-term capital gain tax liability was bona fide, supported by relevant details, and not proven false by the Revenue. Therefore, the penalty was deemed unwarranted, and the appeal was allowed, resulting in the deletion of the penalty. Case-Laws Income Tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358762