https://www.taxtmi.com/caselaws?id=256908 The High Court upheld the ITAT's decision, ruling that penalty amounts were not warranted as the assessee had disclosed all relevant details in the appropriate assessment year, and the capital loss claim was legitimate despite suspicions. The Court found no grounds for penal action under Section 271(1)(c) and dismissed the appeal, agreeing with the ITAT's deletion of penalty amounts based on erroneous reasons. en-us Wed, 11 Feb 2015 00:00:00 +0530 Sat, 21 Feb 2015 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256908 The High Court upheld the ITAT's decision, ruling that penalty amounts were not warranted as the assessee had disclosed all relevant details in the appropriate assessment year, and the capital loss claim was legitimate despite suspicions. The Court found no grounds for penal action under Section 271(1)(c) and dismissed the appeal, agreeing with the ITAT's deletion of penalty amounts based on erroneous reasons. Case-Laws Income Tax Wed, 11 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256908