https://www.taxtmi.com/caselaws?id=442858 The ITAT allowed the assessee's appeal against the penalty imposed under Section 271(1)(c) for Assessment Year 2013-14. The penalty of INR 1,92,000 was set aside as the mistake in claiming AUDA charges as Capital Gain deduction was deemed a bonafide belief, not concealment of income. The ITAT concluded that the penalty was not justified based on the case law precedent of CIT vs. Reliance Petroproducts. Therefore, the appeal was allowed, and the penalty was overturned on 8th September 2023. en-us Fri, 08 Sep 2023 00:00:00 +0530 Mon, 11 Sep 2023 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442858 The ITAT allowed the assessee's appeal against the penalty imposed under Section 271(1)(c) for Assessment Year 2013-14. The penalty of INR 1,92,000 was set aside as the mistake in claiming AUDA charges as Capital Gain deduction was deemed a bonafide belief, not concealment of income. The ITAT concluded that the penalty was not justified based on the case law precedent of CIT vs. Reliance Petroproducts. Therefore, the appeal was allowed, and the penalty was overturned on 8th September 2023. Case-Laws Income Tax Fri, 08 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442858