https://www.taxtmi.com/caselaws?id=339691 The Tribunal allowed the appeal of the assessee in a case concerning penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal set aside the penalty imposed by the Assessing Officer, as it found no concealment of income or furnishing of inaccurate particulars. Additionally, the Tribunal held that since the loss from trading commodities was treated as a business loss and set off against business income, the penalty could not be sustained. Therefore, the penalty imposed by the Assessing Officer was vacated, and the appeal of the assessee was allowed. en-us Tue, 28 Feb 2017 00:00:00 +0530 Mon, 06 Mar 2017 09:06:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339691 The Tribunal allowed the appeal of the assessee in a case concerning penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal set aside the penalty imposed by the Assessing Officer, as it found no concealment of income or furnishing of inaccurate particulars. Additionally, the Tribunal held that since the loss from trading commodities was treated as a business loss and set off against business income, the penalty could not be sustained. Therefore, the penalty imposed by the Assessing Officer was vacated, and the appeal of the assessee was allowed. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339691