https://www.taxtmi.com/caselaws?id=278030 The Tribunal dismissed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2003-04. The assessee's claims of loss on the sale of car and shares were considered capital losses, not speculation losses, leading to the imposition of the penalty for furnishing inaccurate income particulars. Despite correcting the claims during assessment, the Tribunal upheld the penalty, deeming the losses claimed by the assessee as clearly non-allowable. en-us Wed, 13 Apr 2011 00:00:00 +0530 Sat, 05 Jan 2019 10:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278030 The Tribunal dismissed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2003-04. The assessee's claims of loss on the sale of car and shares were considered capital losses, not speculation losses, leading to the imposition of the penalty for furnishing inaccurate income particulars. Despite correcting the claims during assessment, the Tribunal upheld the penalty, deeming the losses claimed by the assessee as clearly non-allowable. Case-Laws Income Tax Wed, 13 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278030