https://www.taxtmi.com/caselaws?id=327042 The ITAT ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income. The ITAT emphasized that the incorrect claim of a short-term capital loss did not constitute inaccurate particulars as all relevant details were disclosed. The decision was based on legal precedents distinguishing between inaccurate particulars and incorrect claims, ultimately leading to the deletion of the penalty. en-us Tue, 22 Mar 2016 00:00:00 +0530 Mon, 02 May 2016 00:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327042 The ITAT ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income. The ITAT emphasized that the incorrect claim of a short-term capital loss did not constitute inaccurate particulars as all relevant details were disclosed. The decision was based on legal precedents distinguishing between inaccurate particulars and incorrect claims, ultimately leading to the deletion of the penalty. Case-Laws Income Tax Tue, 22 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327042