https://www.taxtmi.com/caselaws?id=313092 The ITAT Mumbai held that penalty under section 271(1)(c) cannot be imposed merely because exemption under section 10(38) for long-term capital gains on share sale was denied. The assessee provided supporting documents including contract notes, purchase/sale bills, bank statements, and demat account statements. Since the evidence was not proved false and the assessee's explanation, though unproved, was not disproved, penalty imposition was unjustified. The tribunal deleted the penalty, allowing the assessee's appeal. en-us Wed, 03 Jun 2015 00:00:00 +0530 Fri, 22 Mar 2024 20:20:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313092 The ITAT Mumbai held that penalty under section 271(1)(c) cannot be imposed merely because exemption under section 10(38) for long-term capital gains on share sale was denied. The assessee provided supporting documents including contract notes, purchase/sale bills, bank statements, and demat account statements. Since the evidence was not proved false and the assessee's explanation, though unproved, was not disproved, penalty imposition was unjustified. The tribunal deleted the penalty, allowing the assessee's appeal. Case-Laws Income Tax Wed, 03 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313092