Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 967 - ITAT MUMBAILevy penalty u/s 271(1)(c) - applicable rate on capital gain - Held that:- Assessee has committed an inadvertent error in the return of income to charge the tax @ 10% in stead of applicable rate of tax @ 30% on short term capital gains shown by the assessee as assessee has not paid STT on share transactions. Hence, assessee has not concealed its income or furnished wrong particulars of facts. Accordingly, provisions of section 271(1)(c) of the Act on the facts and in the circumstances of the case, are not applicable. - Decided in favour of assessee
|