https://www.taxtmi.com/caselaws?id=254172 The appellate tribunal dismissed the appeal, affirming the classification of the loss from margin trading in commodities as speculative loss and upholding the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income. The tribunal found the assessee's explanation unsustainable and not bona fide, holding them liable for the penalty due to the ineligible claim made. The decision underscores the necessity of disclosing all relevant facts in income tax returns and the repercussions of making baseless claims. en-us Thu, 24 Apr 2014 00:00:00 +0530 Mon, 15 Dec 2014 06:44:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254172 The appellate tribunal dismissed the appeal, affirming the classification of the loss from margin trading in commodities as speculative loss and upholding the penalty under Section 271(1)(c) for furnishing inaccurate particulars of income. The tribunal found the assessee's explanation unsustainable and not bona fide, holding them liable for the penalty due to the ineligible claim made. The decision underscores the necessity of disclosing all relevant facts in income tax returns and the repercussions of making baseless claims. Case-Laws Income Tax Thu, 24 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254172