No Penalty for Misclassification of Securities u/s 271(1)(c) Due to Bona Fide Mistake in Tax Rate.

Penalty u/s 271(1)(c) - mistake of wrong classification of the securities yielding Long Term Capital Gain and consequently the assessee had paid the tax @ 10% instead of 20% - Once the assessee has explained the reasons for wrong classification as bona fide being inadvertent mistake, no penalty could be levied - AT .....

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