https://www.taxtmi.com/caselaws?id=259354 The Court allowed the appeal, directing the deletion of the penalty under Section 271(1)(c) of the Income Tax Act. It held that the imposition of the penalty was not justified based on the circumstances and facts of the case, particularly concerning the characterization of losses and the interpretation of relevant provisions regarding commodity derivatives traded on stock exchanges. The Court set aside the penalty imposed by the ITAT, ruling in favor of the appellant. en-us Fri, 24 Apr 2015 00:00:00 +0530 Fri, 08 May 2015 08:14:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259354 The Court allowed the appeal, directing the deletion of the penalty under Section 271(1)(c) of the Income Tax Act. It held that the imposition of the penalty was not justified based on the circumstances and facts of the case, particularly concerning the characterization of losses and the interpretation of relevant provisions regarding commodity derivatives traded on stock exchanges. The Court set aside the penalty imposed by the ITAT, ruling in favor of the appellant. Case-Laws Income Tax Fri, 24 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259354