https://www.taxtmi.com/caselaws?id=180217 The Tribunal ruled in favor of the assessee, deleting the penalty under section 271(1)(c) for incorrectly setting off long-term capital loss against short-term capital gains. The Tribunal found the assessee's belief to be bona fide, referencing a Special Bench decision supporting the method used. Additionally, the Tribunal held that the penalty could not be levied for the disallowance made under section 14A due to the ongoing debate and differing judicial opinions on the matter. The CIT(A)'s decision was set aside, and the penalty was deleted, emphasizing the debatable nature of the issues involved. en-us Wed, 12 Nov 2008 00:00:00 +0530 Fri, 18 Mar 2016 16:52:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180217 The Tribunal ruled in favor of the assessee, deleting the penalty under section 271(1)(c) for incorrectly setting off long-term capital loss against short-term capital gains. The Tribunal found the assessee's belief to be bona fide, referencing a Special Bench decision supporting the method used. Additionally, the Tribunal held that the penalty could not be levied for the disallowance made under section 14A due to the ongoing debate and differing judicial opinions on the matter. The CIT(A)'s decision was set aside, and the penalty was deleted, emphasizing the debatable nature of the issues involved. Case-Laws Income Tax Wed, 12 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180217