https://www.taxtmi.com/caselaws?id=234276 The High Court upheld the decision of the Income Tax Appellate Tribunal and CIT (Appeals) in a case involving the levy of penalty under Section 271(1)(c) of the Income Tax Act. The court ruled that making a wrong claim regarding the treatment of gains from stock options did not amount to furnishing inaccurate particulars or concealing income, as advised by tax professionals. The court emphasized that a wrong claim alone does not warrant a penalty under the Act, citing a Supreme Court ruling and a similar case. The appeal was dismissed, with no order as to costs. en-us Fri, 31 May 2013 00:00:00 +0530 Mon, 28 Oct 2013 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234276 The High Court upheld the decision of the Income Tax Appellate Tribunal and CIT (Appeals) in a case involving the levy of penalty under Section 271(1)(c) of the Income Tax Act. The court ruled that making a wrong claim regarding the treatment of gains from stock options did not amount to furnishing inaccurate particulars or concealing income, as advised by tax professionals. The court emphasized that a wrong claim alone does not warrant a penalty under the Act, citing a Supreme Court ruling and a similar case. The appeal was dismissed, with no order as to costs. Case-Laws Income Tax Fri, 31 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234276