Court :
High Court of Delhi
Brief :
The penalty U/s 271(1)(c)of the Income Tax Act 1961 could not be imposed on the assessee since it was under a bona fide belief that income on sale of debentures was taxable as capital gains. Further such gains had been treated ascapital gains in earlier gains. No Further investigation was called for and no remand was necessary.
Citation :
284 ITR 408 150 TAXMAN 370 200 CTR 259
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