Court Rules Mistaken Income Classification Not Inaccurate Reporting; No Penalty for Misclassifying Asset Gains.

Penalty u/s 271(1)(c) - addition made on account of mistake in treating the income from transfer of depreciable asset as long-term capital gain instead of short term capital gain u/s 50 - The High Court allowed the appeal, stating that there was no concealment of income or furnishing of inaccurate particulars. It emphasized that a mere incorrect claim in law does not amount to furnishing inaccurate particulars. .....

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