Penalty u/s 271(1)(c) - mistake of wrong classification of the ...
Income Tax
March 4, 2020
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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