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No concealment penalty for unintentional mistakes and for shifting of income from one head to another

April 16, 2013[2013] 33 taxmann.com 227 (Bombay)/[2013] 215 Taxman 93 (Bombay)(MAG.)/[2013] 259 CTR 383 (Bombay)

IT : Where assessee by mistake claimed interest received on Government of India Capital Index Bonds as interest received on tax free bonds, levy of penalty under section 271(1)(c) upon assessee was not justified

IT : Where assessee claimed premium received on redemption of debentures as income from capital gains, whereas Assessing Officer held that said premium was assessable to tax under head 'income from other sources' and also levied penalty under section 271(1)(c) upon assessee, since there was only a change of head of income, levy of penalty was not justified

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