https://www.taxtmi.com/caselaws?id=178830 A bogus or sham trading loss recorded through unreal transactions constitutes furnishing inaccurate particulars of income, so penalty under section 28(1)(c) is attracted where the entries do not reflect genuine trading results. The same unreal loss cannot be treated as a genuine deduction when computing commercial profits for dividend purposes under section 23A; it must be added back in determining the profits available for distribution. On the facts described, both issues were decided against the assessee, and the penalty and dividend-distribution treatment were upheld. en-us Wed, 22 Jan 1964 00:00:00 +0530 Sat, 13 Feb 2016 11:32:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178830 A bogus or sham trading loss recorded through unreal transactions constitutes furnishing inaccurate particulars of income, so penalty under section 28(1)(c) is attracted where the entries do not reflect genuine trading results. The same unreal loss cannot be treated as a genuine deduction when computing commercial profits for dividend purposes under section 23A; it must be added back in determining the profits available for distribution. On the facts described, both issues were decided against the assessee, and the penalty and dividend-distribution treatment were upheld. Case-Laws Income Tax Wed, 22 Jan 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178830