https://www.taxtmi.com/caselaws?id=406218 The ITAT allowed the appeal of the assessee, setting aside the penalty imposed for the denial of claim of exemption against long term capital gains and for the shortfall in interest receipts. The ITAT found that the rejection of the exemption claim did not automatically warrant a penalty, considering the confusion regarding the investments made by the assessee. Additionally, it concluded that there was no deliberate attempt to conceal interest income, leading to the deletion of the penalty in that regard as well. en-us Mon, 01 Mar 2021 00:00:00 +0530 Fri, 09 Apr 2021 07:57:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406218 The ITAT allowed the appeal of the assessee, setting aside the penalty imposed for the denial of claim of exemption against long term capital gains and for the shortfall in interest receipts. The ITAT found that the rejection of the exemption claim did not automatically warrant a penalty, considering the confusion regarding the investments made by the assessee. Additionally, it concluded that there was no deliberate attempt to conceal interest income, leading to the deletion of the penalty in that regard as well. Case-Laws Income Tax Mon, 01 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406218