No penalty if no deliberate attempt to evade payment of taxes

Advent Computer Services Ltd. Vs ACIT (ITAT Chennai)  It is an admitted fact that assessee has not reported capital gain derived from transfer of equity shares in pursuant to the direction of the Hon’ble High Court of Madras for amalgamation of M/s. i Theories Business Factory India Pvt. Ltd., with the assessee company, even though the said transactions resulted into long term capital gain of Rs.23,91,261/-. The contention of the assessee is that because of book adjustment there being no monetary consideration for transfer of shares, and hence, it was inadvertently omitted to include long t...