https://www.taxtmi.com/caselaws?id=345196 The Court dismissed the appeal against the penalty order under Section 271(1)(c) of the Income Tax Act for Assessment Year 2008-2009. The Tribunal's decision in favor of the assessee was upheld, finding no concealment or inaccurate particulars by the assessee. The Court affirmed that the appellant's actions were in good faith, with no ulterior motive to conceal income. As the loss was not set off against exempt gains under Section 10(38), the penalty was deemed unjustified, leading to the dismissal of the appeal. en-us Thu, 15 Jun 2017 00:00:00 +0530 Fri, 22 Jun 2018 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345196 The Court dismissed the appeal against the penalty order under Section 271(1)(c) of the Income Tax Act for Assessment Year 2008-2009. The Tribunal's decision in favor of the assessee was upheld, finding no concealment or inaccurate particulars by the assessee. The Court affirmed that the appellant's actions were in good faith, with no ulterior motive to conceal income. As the loss was not set off against exempt gains under Section 10(38), the penalty was deemed unjustified, leading to the dismissal of the appeal. Case-Laws Income Tax Thu, 15 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345196