2019 (2) TMI 1590

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..... iced that the assessee had made full disclosure of the storm term capital gain, however, had computed the tax at lower rate which the assessee did not qualify since the said shares did not offer security transaction tax. Upon such error being pointed out, the assessee without any opposition promptly revised the return. Tribunal viewed the lower computation of payable tax as arising from a bonaf .....

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..... the assessee had computed tax at the concessional rate provided in Section 271(1)(c) even though the concessional rate was not applicable to its case and thus had taken undue advantage resulting in loss of ₹ 76,91,773/- to the Revenue? 2. The issue pertains to penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961 ( the Act for short). Such pena .....

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