https://www.taxtmi.com/caselaws?id=459814 ITAT Ahmedabad allowed rectification of mistake under section 254 regarding penalty under section 271(1)(c). The tribunal had confirmed penalty levy on assessee for failing to include long term capital gains in book profits computation under section 115JB. However, ITAT erred by not considering assessee's explanation that inclusion of exempt capital gains in book profits was a recent legal amendment applicable from the assessment year. The tribunal incorrectly distinguished Punjab & Haryana HC precedent and failed to address assessee's contention that revised return and Form 29B filing deadlines had expired. ITAT's finding of mala fide conduct was based on incomplete analysis, constituting mistake apparent on record warranting rectification. en-us Tue, 17 Sep 2024 00:00:00 +0530 Sat, 28 Dec 2024 20:42:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459814 ITAT Ahmedabad allowed rectification of mistake under section 254 regarding penalty under section 271(1)(c). The tribunal had confirmed penalty levy on assessee for failing to include long term capital gains in book profits computation under section 115JB. However, ITAT erred by not considering assessee's explanation that inclusion of exempt capital gains in book profits was a recent legal amendment applicable from the assessment year. The tribunal incorrectly distinguished Punjab & Haryana HC precedent and failed to address assessee's contention that revised return and Form 29B filing deadlines had expired. ITAT's finding of mala fide conduct was based on incomplete analysis, constituting mistake apparent on record warranting rectification. Case-Laws Income Tax Tue, 17 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459814