https://www.taxtmi.com/caselaws?id=385672 The Tribunal found that the penalty under Section 271(1)(c) for concealment of income was not justified as the assessee had disclosed the LTCG transaction in the original return and voluntarily revised the return, withdrawing the exemption claim. The Tribunal held that the revised return filed under Section 153A did not constitute concealment of income. Citing judicial precedents, the Tribunal concluded that making an incorrect claim does not amount to furnishing inaccurate particulars. Therefore, the penalty was deleted, and all appeals were allowed. en-us Thu, 05 Sep 2019 00:00:00 +0530 Wed, 11 Sep 2019 07:57:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385672 The Tribunal found that the penalty under Section 271(1)(c) for concealment of income was not justified as the assessee had disclosed the LTCG transaction in the original return and voluntarily revised the return, withdrawing the exemption claim. The Tribunal held that the revised return filed under Section 153A did not constitute concealment of income. Citing judicial precedents, the Tribunal concluded that making an incorrect claim does not amount to furnishing inaccurate particulars. Therefore, the penalty was deleted, and all appeals were allowed. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385672