Penalty u/s 271(1)(c) cannot be levied in absence of intention to evade taxes & if treatment made by assessee was revenue neutral

Brief of the case: The ITAT Mumbai in the case of M/s Goldfilled Mercantile Company vs. DCIT held that when the assessee shown lesser capital gain in its return of income under a bonafide belief of a deduction from it but paid due taxes then the assessee cannot be penalized u/s 271(1)(c) as there was no intention to evade the payment of taxes and entire exercise was revenue neutral. Facts of the case: The assessee is a partnership firm which has shown income from capital gain on sale of assets, income from interest and dividend. Return of income was filed on a total income of Rs. 26,80,99,047...