https://www.taxtmi.com/caselaws?id=189897 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It was determined that the losses from derivative trading in recognized stock exchanges were non-speculative and should be treated as normal business losses. The Tribunal emphasized that a mere change in the classification of income, even if initially incorrect, did not warrant a penalty. The decision was made on 19th September 2014. en-us Fri, 19 Sep 2014 00:00:00 +0530 Wed, 25 Jan 2017 08:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189897 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It was determined that the losses from derivative trading in recognized stock exchanges were non-speculative and should be treated as normal business losses. The Tribunal emphasized that a mere change in the classification of income, even if initially incorrect, did not warrant a penalty. The decision was made on 19th September 2014. Case-Laws Income Tax Fri, 19 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189897