https://www.taxtmi.com/caselaws?id=208367 The High Court upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act. The Court found that the assessee's claim for setting off business losses against capital gains was made in good faith and with full disclosure of relevant particulars, not constituting deliberate concealment or furnishing of inadequate particulars. The Court dismissed the Revenue's appeal, affirming that the penalty was rightly deleted. en-us Tue, 08 Feb 2011 00:00:00 +0530 Fri, 13 Jan 2012 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208367 The High Court upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act. The Court found that the assessee's claim for setting off business losses against capital gains was made in good faith and with full disclosure of relevant particulars, not constituting deliberate concealment or furnishing of inadequate particulars. The Court dismissed the Revenue's appeal, affirming that the penalty was rightly deleted. Case-Laws Income Tax Tue, 08 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208367