https://www.taxtmi.com/caselaws?id=241806 The Tribunal held that losses from transactions involving LTCAs, exempt under section 10(38) of the Income Tax Act, cannot be set off against taxable LTCG. The Tribunal reinstated the penalty under section 271(1)(c) on the grounds that the assessee's claim lacked a bona fide basis and failed to provide full and true disclosure of material facts. The Revenue's appeal was allowed, and the penalty was restored. en-us Fri, 27 Dec 2013 00:00:00 +0530 Tue, 24 Mar 2015 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241806 The Tribunal held that losses from transactions involving LTCAs, exempt under section 10(38) of the Income Tax Act, cannot be set off against taxable LTCG. The Tribunal reinstated the penalty under section 271(1)(c) on the grounds that the assessee's claim lacked a bona fide basis and failed to provide full and true disclosure of material facts. The Revenue's appeal was allowed, and the penalty was restored. Case-Laws Income Tax Fri, 27 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241806