https://www.taxtmi.com/caselaws?id=207386 The Tribunal held that the penalty under section 271(1)(c) for treating loss on share trading as speculation loss was not justified. The assessee's disclosure of all necessary information, despite the treatment of business loss as speculation loss, did not amount to concealment of income. Relying on a High Court decision, the Tribunal partially allowed the assessee's appeal by deleting the penalty imposed by the Assessing Officer and confirmed by the Commissioner of Income-tax (Appeals). en-us Fri, 11 Dec 2009 00:00:00 +0530 Thu, 30 May 2013 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207386 The Tribunal held that the penalty under section 271(1)(c) for treating loss on share trading as speculation loss was not justified. The assessee's disclosure of all necessary information, despite the treatment of business loss as speculation loss, did not amount to concealment of income. Relying on a High Court decision, the Tribunal partially allowed the assessee's appeal by deleting the penalty imposed by the Assessing Officer and confirmed by the Commissioner of Income-tax (Appeals). Case-Laws Income Tax Fri, 11 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207386