https://www.taxtmi.com/caselaws?id=784924 Levy of penalty under tax provisions for excess claim of capital gains exemptions was examined; tribunal found the assessee had disclosed correct long-term capital gain and claimed deductions for reinvestment which the Revenue did not allege were substantively non-compliant, concluding the excess deduction resulted from an inadvertent computational mistake and not concealment or furnishing inaccurate particulars, relied on relevant precedent to distinguish deliberate concealment, and held that penalty under the penal provision was not sustainable, thereby allowing the assessee and finding error in the appellate confirmation of penalty. en-us Wed, 17 Dec 2025 00:00:00 +0530 Wed, 14 Jan 2026 08:56:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784924 Levy of penalty under tax provisions for excess claim of capital gains exemptions was examined; tribunal found the assessee had disclosed correct long-term capital gain and claimed deductions for reinvestment which the Revenue did not allege were substantively non-compliant, concluding the excess deduction resulted from an inadvertent computational mistake and not concealment or furnishing inaccurate particulars, relied on relevant precedent to distinguish deliberate concealment, and held that penalty under the penal provision was not sustainable, thereby allowing the assessee and finding error in the appellate confirmation of penalty. Case-Laws Income Tax Wed, 17 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784924