https://www.taxtmi.com/caselaws?id=194173 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) by the ld. CIT(Appeals) in a case involving a Company's share trading loss treated as speculative income. Relying on judicial precedents, it was determined that the disallowance of the set off of the share trading loss did not warrant a penalty as there was no concealment or furnishing of inaccurate particulars of income. The Revenue's appeal was dismissed, affirming the cancellation of the penalty, and the Cross Objection by the assessee was also dismissed. en-us Fri, 03 Feb 2017 00:00:00 +0530 Thu, 31 Aug 2017 07:09:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194173 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) by the ld. CIT(Appeals) in a case involving a Company's share trading loss treated as speculative income. Relying on judicial precedents, it was determined that the disallowance of the set off of the share trading loss did not warrant a penalty as there was no concealment or furnishing of inaccurate particulars of income. The Revenue's appeal was dismissed, affirming the cancellation of the penalty, and the Cross Objection by the assessee was also dismissed. Case-Laws Income Tax Fri, 03 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194173