https://www.taxtmi.com/caselaws?id=362223 The Tribunal allowed the appeal, canceling the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act. The Tribunal found the assessee, a technical person, inadvertently omitted short term capital gains from the return, citing lack of awareness on tax implications. It noted the assessee's compliance post-detection and inconsistency in the AO's satisfaction between assessment and penalty stages. Emphasizing the inadvertent nature of the omission and legal precedents, the Tribunal held the penalty order unsustainable, setting it aside. en-us Tue, 19 Jun 2018 00:00:00 +0530 Wed, 20 Jun 2018 20:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362223 The Tribunal allowed the appeal, canceling the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act. The Tribunal found the assessee, a technical person, inadvertently omitted short term capital gains from the return, citing lack of awareness on tax implications. It noted the assessee's compliance post-detection and inconsistency in the AO's satisfaction between assessment and penalty stages. Emphasizing the inadvertent nature of the omission and legal precedents, the Tribunal held the penalty order unsustainable, setting it aside. Case-Laws Income Tax Tue, 19 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362223