https://www.taxtmi.com/caselaws?id=120590 SC/Tribunal analyzed penalty under section 271(1)(c) for disallowed speculative loss. Despite transaction being deemed speculative, the court found no intentional concealment of income. The assessee disclosed all material facts, substantiated claims with evidence, and acted in good faith. The mere difference in interpretation of transaction does not constitute tax evasion. Penalty was consequently not justified and was dismissed. en-us Thu, 20 Mar 2008 00:00:00 +0530 Mon, 12 May 2025 10:20:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120590 SC/Tribunal analyzed penalty under section 271(1)(c) for disallowed speculative loss. Despite transaction being deemed speculative, the court found no intentional concealment of income. The assessee disclosed all material facts, substantiated claims with evidence, and acted in good faith. The mere difference in interpretation of transaction does not constitute tax evasion. Penalty was consequently not justified and was dismissed. Case-Laws Income Tax Thu, 20 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120590