The Assessee had claimed a long term capital loss on the gift of property to his son. On being confronted by the AO, the Assessee admitted it being a typographical error on the part of Chartered Account and accepted the addition made to his income. Subsequently, a penalty was imposed. The Tribunal held that the amount of capital loss was duly mentioned in the computation of income, therefore there was no concealment of income on part of the Assessee. The Tribunal came to the conclusion that the claim of long term capital loss was an incorrect or wrong claim but not a false claim since there was no concealment of income by assessee. (AY.  2014-15)