https://www.taxtmi.com/caselaws?id=763679 ITAT Ahmedabad cancelled penalty u/s. 271(1)(c) imposed for concealment of income. The assessee disclosed exempt LTCG u/s. 10(38) in return but failed to include it in MAT computation u/s. 115JB. The penalty proceeding was initiated for inaccurate particulars but penalty was imposed for concealment, making it invalid. The tribunal found no concealment as exempt LTCG was fully disclosed. Technical glitches in e-filing system and statutory amendments without corresponding changes in Section 115JB indicated bona fide mistake. Appeal allowed. en-us Wed, 18 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 08:45:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763679 ITAT Ahmedabad cancelled penalty u/s. 271(1)(c) imposed for concealment of income. The assessee disclosed exempt LTCG u/s. 10(38) in return but failed to include it in MAT computation u/s. 115JB. The penalty proceeding was initiated for inaccurate particulars but penalty was imposed for concealment, making it invalid. The tribunal found no concealment as exempt LTCG was fully disclosed. Technical glitches in e-filing system and statutory amendments without corresponding changes in Section 115JB indicated bona fide mistake. Appeal allowed. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763679