https://www.taxtmi.com/caselaws?id=760326 The ITAT Mumbai held that penalty under section 271(1)(c) was not leviable against the assessee who failed to offer Short Term Capital Gain under section 50 on sale of depreciable fixed asset. The tribunal found no concealment of income particulars as all necessary facts were available on record. The disallowance was due to a wrong claim rather than deliberate concealment. The revenue's reliance on Supreme Court precedent regarding mens rea was deemed inapplicable to the case facts. The penalty was deleted, deciding against the revenue. en-us Mon, 14 Oct 2024 00:00:00 +0530 Fri, 18 Oct 2024 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760326 The ITAT Mumbai held that penalty under section 271(1)(c) was not leviable against the assessee who failed to offer Short Term Capital Gain under section 50 on sale of depreciable fixed asset. The tribunal found no concealment of income particulars as all necessary facts were available on record. The disallowance was due to a wrong claim rather than deliberate concealment. The revenue's reliance on Supreme Court precedent regarding mens rea was deemed inapplicable to the case facts. The penalty was deleted, deciding against the revenue. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760326