https://www.taxtmi.com/caselaws?id=184208 The ITAT set aside the penalty levied on the Assessee for the disallowance of loss on RBI Bonds, emphasizing that the issue was a legal question of eligibility for the claimed loss rather than concealment of facts. The ITAT held that since the correct position of law could only be determined by the Revenue Department, the penalty was deleted, following the principles established in the Reliance Petro Product Pvt. Ltd. case. en-us Fri, 18 Jul 2014 00:00:00 +0530 Sat, 02 Jul 2016 11:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184208 The ITAT set aside the penalty levied on the Assessee for the disallowance of loss on RBI Bonds, emphasizing that the issue was a legal question of eligibility for the claimed loss rather than concealment of facts. The ITAT held that since the correct position of law could only be determined by the Revenue Department, the penalty was deleted, following the principles established in the Reliance Petro Product Pvt. Ltd. case. Case-Laws Income Tax Fri, 18 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184208