https://www.taxtmi.com/caselaws?id=372625 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's explanations for share transactions and dividend stripping were bona fide and not warranting a penalty. However, regarding house property income, the Tribunal disagreed with the assessee's claim of all properties being self-occupied, leading to a concealment penalty. The High Court affirmed the Tribunal's factual determinations and disposed of the Tax Appeal, allowing the Revenue to raise issues in a related pending appeal. en-us Mon, 10 Dec 2018 00:00:00 +0530 Wed, 26 Dec 2018 11:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372625 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's explanations for share transactions and dividend stripping were bona fide and not warranting a penalty. However, regarding house property income, the Tribunal disagreed with the assessee's claim of all properties being self-occupied, leading to a concealment penalty. The High Court affirmed the Tribunal's factual determinations and disposed of the Tax Appeal, allowing the Revenue to raise issues in a related pending appeal. Case-Laws Income Tax Mon, 10 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372625