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This case deals with the penalty u/s 271(1)(c) of the Income Tax Act, imposed for disallowance of losses on forex derivatives treated as speculative losses and disallowance of foreign exchange fluctuation loss claimed by the assessee. The Tribunal held that the advice given to the assessee by the consultant cannot be termed as furnishing inaccurate particulars of income attracting penalty u/s 271(1)(c). Relying on the Supreme Court's decision in Reliance Petroproducts Pvt. Ltd., the Tribunal ruled that the penalty levied was not justifiable and deleted the penalty imposed on the assessee, allowing the assessee's appeal.
This case deals with the penalty u/s 271(1)(c) of the Income Tax Act, imposed for disallowance of losses on forex derivatives treated as speculative losses and disallowance of foreign exchange fluctuation loss claimed by the assessee. The Tribunal held that the advice given to the assessee by the consultant cannot be termed as furnishing inaccurate particulars of income attracting penalty u/s 271(1)(c). Relying on the Supreme Court's decision in Reliance Petroproducts Pvt. Ltd., the Tribunal ruled that the penalty levied was not justifiable and deleted the penalty imposed on the assessee, allowing the assessee's appeal.
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