https://www.taxtmi.com/caselaws?id=185285 The HC dismissed the Revenue's appeal, upholding the Tribunal's order deleting penalty imposed u/s 271(1)(c) of the Income Tax Act, 1961 for AY 2003-04. The dispute arose from the Assessing Officer's recharacterization of loss on share trading as speculative, rather than business loss. The HC affirmed the Tribunal's finding that the assessee had made a bona fide claim based on a genuine understanding of the transactions as part of its business, duly supported by prevailing judicial precedents. Holding that assessment and penalty proceedings are distinct, the HC ruled that mere acceptance of the assessment did not imply concealment and found no substantial question of law. en-us Thu, 18 Feb 2010 00:00:00 +0530 Wed, 10 Dec 2025 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185285 The HC dismissed the Revenue's appeal, upholding the Tribunal's order deleting penalty imposed u/s 271(1)(c) of the Income Tax Act, 1961 for AY 2003-04. The dispute arose from the Assessing Officer's recharacterization of loss on share trading as speculative, rather than business loss. The HC affirmed the Tribunal's finding that the assessee had made a bona fide claim based on a genuine understanding of the transactions as part of its business, duly supported by prevailing judicial precedents. Holding that assessment and penalty proceedings are distinct, the HC ruled that mere acceptance of the assessment did not imply concealment and found no substantial question of law. Case-Laws Income Tax Thu, 18 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185285