https://www.taxtmi.com/caselaws?id=205948 The court upheld the decision to delete the penalty under section 271(c)(c) of the Income Tax Act, emphasizing that rejecting the claim for business loss did not amount to concealment of income. The dispute over the treatment of the loss on the sale of shares as a capital loss or business loss did not indicate any intention to hide income to avoid tax. The court found that all particulars were disclosed, and the disagreement over the classification of the loss did not warrant a penalty, leading to the dismissal of the appeal. en-us Mon, 10 Jan 2011 00:00:00 +0530 Mon, 03 Oct 2011 02:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205948 The court upheld the decision to delete the penalty under section 271(c)(c) of the Income Tax Act, emphasizing that rejecting the claim for business loss did not amount to concealment of income. The dispute over the treatment of the loss on the sale of shares as a capital loss or business loss did not indicate any intention to hide income to avoid tax. The court found that all particulars were disclosed, and the disagreement over the classification of the loss did not warrant a penalty, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 10 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205948