2023 (9) TMI 480 - ITAT AHMEDABAD

Penalty u/s 271(l)(c) - appellant had filed return of income disclosing the short-term capital gain - HELD THAT:- The assessee while computing the income and filing revised income was under bonafide mistake/bonafide belief that the assessee can claim the entire charges of amount paid to the AUDA as Capital Gain as deduction under Capital Gain. The said standard belief or mistake cannot be termed as furnishing of inaccurate particulars or concealment of income. The decision of Hon’ble Supreme Court in the case of CIT vs. Reliance Petroproducts (P) Limited, [2010 (3) TMI 80 - SUPREME COURT] is applicable in assessee’s case. Therefore, the penalty does not survive. Appeal of the assessee is allowed.