https://www.taxtmi.com/caselaws?id=350333 The ITAT allowed the appellant's appeal, directing the Assessing Officer to delete the penalty of Rs. 15,45,387 imposed under section 271(1)(c) of the Income Tax Act, 1961. The ITAT held that the appellant's incorrect claim for capital loss did not amount to furnishing inaccurate particulars of income, citing the decision in CIT v. Reliance Petroproducts (P.) Ltd. The ITAT emphasized that making an incorrect claim in law does not constitute inaccurate particulars, leading to the penalty being set aside. en-us Tue, 31 Oct 2017 00:00:00 +0530 Fri, 03 Nov 2017 11:56:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350333 The ITAT allowed the appellant's appeal, directing the Assessing Officer to delete the penalty of Rs. 15,45,387 imposed under section 271(1)(c) of the Income Tax Act, 1961. The ITAT held that the appellant's incorrect claim for capital loss did not amount to furnishing inaccurate particulars of income, citing the decision in CIT v. Reliance Petroproducts (P.) Ltd. The ITAT emphasized that making an incorrect claim in law does not constitute inaccurate particulars, leading to the penalty being set aside. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350333