https://www.taxtmi.com/caselaws?id=373034 The Tribunal revoked the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee. The penalty was initially confirmed for miscalculating long term capital gains on the sale of a unit. The Tribunal found the error to be genuine, with the assessee rectifying it before assessment completion. Relying on legal precedents, the Tribunal determined that the penalty imposition was unwarranted as there was no intention to conceal income or provide inaccurate particulars. The decision emphasized the importance of rectification efforts and adherence to statutory provisions in penalty assessments. en-us Fri, 26 Oct 2018 00:00:00 +0530 Sat, 05 Jan 2019 08:05:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373034 The Tribunal revoked the penalty imposed under section 271(1)(c) of the Income Tax Act on the assessee. The penalty was initially confirmed for miscalculating long term capital gains on the sale of a unit. The Tribunal found the error to be genuine, with the assessee rectifying it before assessment completion. Relying on legal precedents, the Tribunal determined that the penalty imposition was unwarranted as there was no intention to conceal income or provide inaccurate particulars. The decision emphasized the importance of rectification efforts and adherence to statutory provisions in penalty assessments. Case-Laws Income Tax Fri, 26 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373034