https://www.taxtmi.com/caselaws?id=189884 The Tribunal allowed the assessee's appeal against the penalty imposed under section 271(1)(c) for disallowed losses under section 94(7). The Tribunal held that the penalty was not justified as the mistake was unintentional, based on genuine oversight, and supported by legal precedents. Emphasizing the absence of malafide intent, the Tribunal canceled the penalty, considering the substantial profits in other transactions and the specific nature of the overlooked provision. The appeal was allowed, and the penalty was revoked on 30th December 2011. en-us Fri, 30 Dec 2011 00:00:00 +0530 Wed, 23 Aug 2017 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189884 The Tribunal allowed the assessee's appeal against the penalty imposed under section 271(1)(c) for disallowed losses under section 94(7). The Tribunal held that the penalty was not justified as the mistake was unintentional, based on genuine oversight, and supported by legal precedents. Emphasizing the absence of malafide intent, the Tribunal canceled the penalty, considering the substantial profits in other transactions and the specific nature of the overlooked provision. The appeal was allowed, and the penalty was revoked on 30th December 2011. Case-Laws Income Tax Fri, 30 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189884