https://www.taxtmi.com/caselaws?id=260886 The Court upheld the decisions of the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal, ruling that no error was made in deleting the penalty under section 271(1)(c) of the Income Tax Act. The Court found the assessee's treatment of speculative loss as a business loss to be bonafide, considering the legal ambiguity and conflicting tribunal opinions. The appeal by the Revenue was dismissed, with the Court emphasizing that no substantial question of law was raised. en-us Mon, 09 Dec 2013 00:00:00 +0530 Fri, 26 Jun 2015 10:24:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260886 The Court upheld the decisions of the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal, ruling that no error was made in deleting the penalty under section 271(1)(c) of the Income Tax Act. The Court found the assessee's treatment of speculative loss as a business loss to be bonafide, considering the legal ambiguity and conflicting tribunal opinions. The appeal by the Revenue was dismissed, with the Court emphasizing that no substantial question of law was raised. Case-Laws Income Tax Mon, 09 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260886