https://www.taxtmi.com/caselaws?id=177219 The ITAT upheld the CIT (Appeals) decision to cancel the penalty under section 271(1)(c) for the assessment year 1997-98. The appellant's treatment of trading losses as speculation losses did not imply concealment of income. The penalty was deleted due to the appellant's disclosure of all relevant facts and absence of mens rea, as confirmed by the Delhi High Court case. The ITAT concluded that since there was no willful concealment or inaccurate particulars, the penalty was rightly cancelled. en-us Fri, 29 Apr 2011 00:00:00 +0530 Tue, 05 Jan 2016 16:23:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177219 The ITAT upheld the CIT (Appeals) decision to cancel the penalty under section 271(1)(c) for the assessment year 1997-98. The appellant's treatment of trading losses as speculation losses did not imply concealment of income. The penalty was deleted due to the appellant's disclosure of all relevant facts and absence of mens rea, as confirmed by the Delhi High Court case. The ITAT concluded that since there was no willful concealment or inaccurate particulars, the penalty was rightly cancelled. Case-Laws Income Tax Fri, 29 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177219