https://www.taxtmi.com/caselaws?id=333686 Penalty under section 271(1)(c) was held unsustainable where the assessee had disclosed all primary facts about share transactions and the dispute was only over whether the resulting loss fell within Explanation to section 73 as a speculative loss. Recharacterisation of the loss by the Assessing Officer did not, by itself, establish concealment of income or furnishing of inaccurate particulars. The penalty order was also weakened by lack of clarity on whether the charge was concealment or inaccurate particulars. The penalty was deleted in favour of the assessee. en-us Wed, 22 Jun 2016 00:00:00 +0530 Fri, 21 Oct 2016 08:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333686 Penalty under section 271(1)(c) was held unsustainable where the assessee had disclosed all primary facts about share transactions and the dispute was only over whether the resulting loss fell within Explanation to section 73 as a speculative loss. Recharacterisation of the loss by the Assessing Officer did not, by itself, establish concealment of income or furnishing of inaccurate particulars. The penalty order was also weakened by lack of clarity on whether the charge was concealment or inaccurate particulars. The penalty was deleted in favour of the assessee. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333686