https://www.taxtmi.com/caselaws?id=348467 The Appellate Tribunal ITAT Pune set aside the Commissioner's decision to confirm the penalty imposed under section 271(1)(c) of the Income Tax Act for the disallowance of capital loss amounting to Rs. 2.43 crores. The Tribunal found that the capital loss claimed was genuine, as it was incurred on the sale of shares to sister concerns, with transactions properly recorded and lacking evidence of being fake or fictitious. Emphasizing the need for incriminating evidence to prove malafide intentions, the Tribunal ruled in favor of the assessee, canceling the penalty and allowing the appeal. en-us Fri, 15 Sep 2017 00:00:00 +0530 Fri, 22 Sep 2017 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348467 The Appellate Tribunal ITAT Pune set aside the Commissioner's decision to confirm the penalty imposed under section 271(1)(c) of the Income Tax Act for the disallowance of capital loss amounting to Rs. 2.43 crores. The Tribunal found that the capital loss claimed was genuine, as it was incurred on the sale of shares to sister concerns, with transactions properly recorded and lacking evidence of being fake or fictitious. Emphasizing the need for incriminating evidence to prove malafide intentions, the Tribunal ruled in favor of the assessee, canceling the penalty and allowing the appeal. Case-Laws Income Tax Fri, 15 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348467