https://www.taxtmi.com/caselaws?id=374427 The ITAT set aside the penalty imposed under section 271(1)(c) for inaccurate income particulars for the assessment year 2010-11. The appellant's long-term capital loss addition and entertainment expenses disallowance were contested. The ITAT found the capital loss addition was not deliberate, as all facts were disclosed, indicating a bonafide intent. Citing precedents, the ITAT deleted the penalty, considering the mistake technical. Regarding entertainment expenses disallowance, the ITAT ruled that disallowed claims alone do not attract penalties, leading to the cancellation of the penalty. Ultimately, the appeal was allowed, and the penalty was revoked for both issues. en-us Wed, 30 Jan 2019 00:00:00 +0530 Fri, 01 Feb 2019 07:30:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374427 The ITAT set aside the penalty imposed under section 271(1)(c) for inaccurate income particulars for the assessment year 2010-11. The appellant's long-term capital loss addition and entertainment expenses disallowance were contested. The ITAT found the capital loss addition was not deliberate, as all facts were disclosed, indicating a bonafide intent. Citing precedents, the ITAT deleted the penalty, considering the mistake technical. Regarding entertainment expenses disallowance, the ITAT ruled that disallowed claims alone do not attract penalties, leading to the cancellation of the penalty. Ultimately, the appeal was allowed, and the penalty was revoked for both issues. Case-Laws Income Tax Wed, 30 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374427