https://www.taxtmi.com/caselaws?id=179400 The Tribunal ruled in favor of the assessee company regarding the classification of rental income, disallowance of loss on opening stock, and imposition of penalty u/s 271(1)(c). It held that the rental income should be assessed substantively as business income, partially disallowing the loss on opening stock, and deleting the penalty imposed by the AO. The judgment emphasized that the mere rejection of a legal claim does not warrant a penalty under section 271(1)(c), distinguishing between an incorrect claim and furnishing inaccurate particulars. The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal. en-us Fri, 07 May 2010 00:00:00 +0530 Mon, 29 Feb 2016 12:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179400 The Tribunal ruled in favor of the assessee company regarding the classification of rental income, disallowance of loss on opening stock, and imposition of penalty u/s 271(1)(c). It held that the rental income should be assessed substantively as business income, partially disallowing the loss on opening stock, and deleting the penalty imposed by the AO. The judgment emphasized that the mere rejection of a legal claim does not warrant a penalty under section 271(1)(c), distinguishing between an incorrect claim and furnishing inaccurate particulars. The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal. Case-Laws Income Tax Fri, 07 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179400