https://www.taxtmi.com/caselaws?id=277078 The Appellate Tribunal ITAT Mumbai allowed the appeal by the assessee against the penalty imposed under section 271(1)(c) of the Act. The Tribunal found that the assessee's error in computing capital gains was inadvertent, with no intention to evade taxes, as evidenced by the acceptance of the revised income computation during assessment proceedings. Considering the absence of revenue loss and the assessee's genuine mistake, the Tribunal directed the deletion of the penalty amounting to 2,48,705. en-us Thu, 03 Oct 2013 00:00:00 +0530 Fri, 23 Nov 2018 17:43:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277078 The Appellate Tribunal ITAT Mumbai allowed the appeal by the assessee against the penalty imposed under section 271(1)(c) of the Act. The Tribunal found that the assessee's error in computing capital gains was inadvertent, with no intention to evade taxes, as evidenced by the acceptance of the revised income computation during assessment proceedings. Considering the absence of revenue loss and the assessee's genuine mistake, the Tribunal directed the deletion of the penalty amounting to 2,48,705. Case-Laws Income Tax Thu, 03 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277078