https://www.taxtmi.com/caselaws?id=333516 The ITAT held that no penalty was leviable for the disallowance under section 40(a)(i) as the explanation was bona fide and there was no concealment of income or furnishing of inaccurate particulars. Similarly, the ITAT concluded that no penalty was applicable for the disallowance of LTCG under section 271(1)(c) as the explanation was genuine and there was no concealment or inaccurate particulars. The appeal of the Revenue was dismissed, with the decision announced on 5th October 2016. en-us Wed, 05 Oct 2016 00:00:00 +0530 Sat, 15 Oct 2016 11:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333516 The ITAT held that no penalty was leviable for the disallowance under section 40(a)(i) as the explanation was bona fide and there was no concealment of income or furnishing of inaccurate particulars. Similarly, the ITAT concluded that no penalty was applicable for the disallowance of LTCG under section 271(1)(c) as the explanation was genuine and there was no concealment or inaccurate particulars. The appeal of the Revenue was dismissed, with the decision announced on 5th October 2016. Case-Laws Income Tax Wed, 05 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333516