https://www.taxtmi.com/caselaws?id=763800 ITAT Chennai deleted penalty u/s.271(1)(c) imposed on assessee who inadvertently claimed exemption u/s.10(38) for debt mutual fund transactions instead of indexation benefit, which would have resulted in capital loss. The tribunal held that since the original return was accepted without additions and proper computation would show no income escapement, reopening was unwarranted. Following Supreme Court precedent, making inaccurate legal claims with full transaction details disclosed doesn't constitute furnishing inaccurate particulars, thus penalty deletion was justified. en-us Wed, 06 Nov 2024 00:00:00 +0530 Sat, 28 Dec 2024 08:30:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763800 ITAT Chennai deleted penalty u/s.271(1)(c) imposed on assessee who inadvertently claimed exemption u/s.10(38) for debt mutual fund transactions instead of indexation benefit, which would have resulted in capital loss. The tribunal held that since the original return was accepted without additions and proper computation would show no income escapement, reopening was unwarranted. Following Supreme Court precedent, making inaccurate legal claims with full transaction details disclosed doesn't constitute furnishing inaccurate particulars, thus penalty deletion was justified. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763800