No Penalty Imposed for Human Error in Omitting LTCG from Income Return u/s 271(1)(c) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Penalty u/s 271(1)(c) - inadvertent omission - when the assessee had disclosed the deduction pertaining to sale of the three shops from the ‘block of assets’ in its balance sheet then there is substantial force in its claim that the failure to offer LTCG on the sale of the said shops had inadvertently remained omitted to be shown in the return of income - only be described as a human error - no penalty....