https://www.taxtmi.com/caselaws?id=379379 The Tribunal directed the Assessing Officer to calculate the penalty under section 271(1)(c) of the Income Tax Act based on the tax sought to be evaded due to the reclassification of income components. The penalty was to be determined by the tax impact of the reclassification from short term capital gain to unexplained cash credit, rather than a fixed amount. This decision partially allowed the Assessee's appeal by providing relief and clarifying the penalty computation method. en-us Tue, 30 Apr 2019 00:00:00 +0530 Wed, 01 May 2019 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379379 The Tribunal directed the Assessing Officer to calculate the penalty under section 271(1)(c) of the Income Tax Act based on the tax sought to be evaded due to the reclassification of income components. The penalty was to be determined by the tax impact of the reclassification from short term capital gain to unexplained cash credit, rather than a fixed amount. This decision partially allowed the Assessee's appeal by providing relief and clarifying the penalty computation method. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379379