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Case Law Details

Case Name : Goldfilled Mercantile Company Vs DCIT (ITAT Mumbai)
Related Assessment Year : 2009-2010
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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:

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