https://www.taxtmi.com/caselaws?id=366973 The Appellate Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act on two appellants who had claimed long term capital gains on the sale of shares as exempt under section 10(34) of the Act. The Tribunal found that surrendering the claim did not amount to furnishing inaccurate income particulars, leading to the deletion of the penalty. The Tribunal emphasized that the appellant had disclosed all income particulars and that the surrender of exemption during assessment proceedings was not misleading. Consequently, the penalty was deemed not leviable, and the appeals were allowed on 10.09.2018. en-us Mon, 10 Sep 2018 00:00:00 +0530 Thu, 13 Sep 2018 08:22:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366973 The Appellate Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act on two appellants who had claimed long term capital gains on the sale of shares as exempt under section 10(34) of the Act. The Tribunal found that surrendering the claim did not amount to furnishing inaccurate income particulars, leading to the deletion of the penalty. The Tribunal emphasized that the appellant had disclosed all income particulars and that the surrender of exemption during assessment proceedings was not misleading. Consequently, the penalty was deemed not leviable, and the appeals were allowed on 10.09.2018. Case-Laws Income Tax Mon, 10 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366973