https://www.taxtmi.com/caselaws?id=236203 The Tribunal ruled in favor of the assessee, concluding that the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2004-05 was unwarranted. It was determined that the incorrect claim made by the assessee regarding the set off and carry forward of capital loss on US 64 did not amount to furnishing inaccurate particulars of income. As a result, the penalties imposed by the Assessing Officer and upheld by the First Appellate Authority were deleted for all appellants involved in the case. en-us Wed, 18 Jul 2012 00:00:00 +0530 Sat, 17 Aug 2013 18:37:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236203 The Tribunal ruled in favor of the assessee, concluding that the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2004-05 was unwarranted. It was determined that the incorrect claim made by the assessee regarding the set off and carry forward of capital loss on US 64 did not amount to furnishing inaccurate particulars of income. As a result, the penalties imposed by the Assessing Officer and upheld by the First Appellate Authority were deleted for all appellants involved in the case. Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236203