https://www.taxtmi.com/caselaws?id=401722 The Tribunal dismissed the appeal, upholding the decisions to delete penalties in both issues. The penalty under section 271(1)(c) for treating long term capital gain as business income was deleted as the assessee had a bona fide view and disclosed all necessary particulars. Similarly, the penalty for disallowance of foreign tour expenses was deleted, as the expenses were incurred for business purposes and no contradictory precedent was presented. The order was pronounced in the Open Court on 11th August 2020. en-us Tue, 11 Aug 2020 00:00:00 +0530 Tue, 15 Dec 2020 14:50:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401722 The Tribunal dismissed the appeal, upholding the decisions to delete penalties in both issues. The penalty under section 271(1)(c) for treating long term capital gain as business income was deleted as the assessee had a bona fide view and disclosed all necessary particulars. Similarly, the penalty for disallowance of foreign tour expenses was deleted, as the expenses were incurred for business purposes and no contradictory precedent was presented. The order was pronounced in the Open Court on 11th August 2020. Case-Laws Income Tax Tue, 11 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401722