https://www.taxtmi.com/caselaws?id=176891 The case involved appeals by the revenue for the assessment year 2004-05 regarding the wrong claim made by the assessee for setting off loss against other income under Section 10(33) of the Income Tax Act. The Tribunal found that while the claim was not legally sustainable, there was no inaccurate particulars or concealment of income by the assessee. Relying on a Supreme Court case, the Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act. The appeals were dismissed, emphasizing the importance of disclosing all relevant details in tax returns. en-us Mon, 04 Mar 2013 00:00:00 +0530 Fri, 26 May 2017 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176891 The case involved appeals by the revenue for the assessment year 2004-05 regarding the wrong claim made by the assessee for setting off loss against other income under Section 10(33) of the Income Tax Act. The Tribunal found that while the claim was not legally sustainable, there was no inaccurate particulars or concealment of income by the assessee. Relying on a Supreme Court case, the Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act. The appeals were dismissed, emphasizing the importance of disclosing all relevant details in tax returns. Case-Laws Income Tax Mon, 04 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176891