https://www.taxtmi.com/caselaws?id=200736 The Tribunal upheld the penalty under section 271(1)(c) against the assessee for furnishing inaccurate particulars of income by wrongly claiming long-term capital gain and deduction under section 54B. The Tribunal found that the error was not corrected voluntarily and distinguished the case from precedents where mistakes were bona fide. The penalty was deemed justified as the assessee did not disclose the error until confronted by the AO. The Tribunal set aside the CIT(A)'s decision and affirmed the penalty imposed by the AO, allowing the Revenue's appeal. en-us Fri, 11 Apr 2014 00:00:00 +0530 Fri, 20 Apr 2018 10:35:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200736 The Tribunal upheld the penalty under section 271(1)(c) against the assessee for furnishing inaccurate particulars of income by wrongly claiming long-term capital gain and deduction under section 54B. The Tribunal found that the error was not corrected voluntarily and distinguished the case from precedents where mistakes were bona fide. The penalty was deemed justified as the assessee did not disclose the error until confronted by the AO. The Tribunal set aside the CIT(A)'s decision and affirmed the penalty imposed by the AO, allowing the Revenue's appeal. Case-Laws Income Tax Fri, 11 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200736