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Case Law Details

Case Name : Commissioner of Income Tax-I, Mumbai Vs M/s. Bennett Coleman & Co. Ltd. (Bombay High Court)
Related Assessment Year :
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The assessing officer considered the said premium received on redemption of debentures to be taxable under the head income from other sources while the respondent-assessee considered the same to be taxable under the head capital gains. In view of the fact that there is only a change of head of income and in the absence of any facts that the claim of the assessee was not bonafide, the Tribunal deleted the penalty imposed under Section 271(1)(c) of the Act. The decision of the Tribunal is based on finding of fact that there was an inadvertent mistake on the part o

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