https://www.taxtmi.com/caselaws?id=424003 The Appellate Tribunal upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for an incorrect claim of deductions on Long Term Capital Gain. The Tribunal found that the initial incorrect computation was not bonafide, as the correction was made only after intervention by the Assessing Officer. Despite the assessee's argument that the mistake was due to counsel's advice, the Tribunal agreed with the lower authorities that the claim was not supported by the documents. Consequently, the Tribunal dismissed the appeal, affirming the penalty for the incorrect claim of deductions on LTCG. en-us Fri, 17 Jun 2022 00:00:00 +0530 Mon, 20 Jun 2022 08:39:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424003 The Appellate Tribunal upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for an incorrect claim of deductions on Long Term Capital Gain. The Tribunal found that the initial incorrect computation was not bonafide, as the correction was made only after intervention by the Assessing Officer. Despite the assessee's argument that the mistake was due to counsel's advice, the Tribunal agreed with the lower authorities that the claim was not supported by the documents. Consequently, the Tribunal dismissed the appeal, affirming the penalty for the incorrect claim of deductions on LTCG. Case-Laws Income Tax Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424003