https://www.taxtmi.com/caselaws?id=331078 The Tribunal allowed all four appeals filed by the assessee, setting aside the penalties levied under Section 271(1)(c) for furnishing inaccurate particulars of income. The Tribunal found that the assessee had disclosed all material particulars, and the allocation of expenses involved estimation. It was determined that the amendment to Explanation to Section 73 was retrospective, leading to the share trading business not being treated as speculative. Consequently, the Tribunal directed the Assessing Officer to cancel the penalties for the relevant assessment years. en-us Thu, 30 Jun 2016 00:00:00 +0530 Fri, 12 Aug 2016 13:20:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331078 The Tribunal allowed all four appeals filed by the assessee, setting aside the penalties levied under Section 271(1)(c) for furnishing inaccurate particulars of income. The Tribunal found that the assessee had disclosed all material particulars, and the allocation of expenses involved estimation. It was determined that the amendment to Explanation to Section 73 was retrospective, leading to the share trading business not being treated as speculative. Consequently, the Tribunal directed the Assessing Officer to cancel the penalties for the relevant assessment years. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331078