https://www.taxtmi.com/caselaws?id=290375 The Tribunal allowed the appeal, directing the AO to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The decision was based on the lack of merit for the penalty due to the inadvertent nature of the error in the computation of Long Term Capital Gain, emphasizing the importance of specifying the relevant limb of Section 271(1)(c) in the penalty notice as highlighted by legal precedents cited during the proceedings. en-us Tue, 21 Jul 2020 00:00:00 +0530 Tue, 22 Sep 2020 19:01:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290375 The Tribunal allowed the appeal, directing the AO to delete the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2014-15. The decision was based on the lack of merit for the penalty due to the inadvertent nature of the error in the computation of Long Term Capital Gain, emphasizing the importance of specifying the relevant limb of Section 271(1)(c) in the penalty notice as highlighted by legal precedents cited during the proceedings. Case-Laws Income Tax Tue, 21 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290375