High Court Dismisses Revenue's Appeal: No Penalty for Unintentional Error in Long-Term Capital Gains Computation u/s 271(1)(c.

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....Penalty u/s 271(1)(c) - Error in computing LTCG - Based on the facts, AI ought to have accepted the claim of the assessee that the claim of loss was not intentional. - Moreover, as observed by the CIT(A) reduction in capital loss cannot be considered for imposition of penalty. - Revenue appeal dismissed - HC....