https://www.taxtmi.com/caselaws?id=208430 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) for the denial of set-off of business loss against capital gains. It held that the assessee had made the claim in good faith, disclosing all relevant particulars, and that an incorrect claim in law does not automatically attract penalty. Emphasizing the necessity of deliberate default or concealment of income for penalty imposition, the Tribunal concluded that the denial of the claim did not justify the penalty. Therefore, the Tribunal ruled in favor of the assessee, stating that the rejection of the claim alone was insufficient to levy a penalty under section 271(1)(c). en-us Wed, 31 Mar 2010 00:00:00 +0530 Sat, 01 Jun 2013 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208430 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) for the denial of set-off of business loss against capital gains. It held that the assessee had made the claim in good faith, disclosing all relevant particulars, and that an incorrect claim in law does not automatically attract penalty. Emphasizing the necessity of deliberate default or concealment of income for penalty imposition, the Tribunal concluded that the denial of the claim did not justify the penalty. Therefore, the Tribunal ruled in favor of the assessee, stating that the rejection of the claim alone was insufficient to levy a penalty under section 271(1)(c). Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208430