https://www.taxtmi.com/caselaws?id=378067 The Tribunal allowed the assessee's appeals, deleting penalties imposed under Section 271(1)(c) of the Income Tax Act for Assessment Years 2005-06 and 2007-08. The penalties were imposed due to the disallowance of claimed losses on wheat sales, treated as speculative losses. The Tribunal found that the assessee had disclosed all relevant details, and as divergent views were possible on the nature of the losses, the penalties were not justified. The penalties of Rs. 6,43,300 and Rs. 3,80,530 for the respective assessment years were deleted. en-us Thu, 04 Apr 2019 00:00:00 +0530 Sat, 06 Apr 2019 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378067 The Tribunal allowed the assessee's appeals, deleting penalties imposed under Section 271(1)(c) of the Income Tax Act for Assessment Years 2005-06 and 2007-08. The penalties were imposed due to the disallowance of claimed losses on wheat sales, treated as speculative losses. The Tribunal found that the assessee had disclosed all relevant details, and as divergent views were possible on the nature of the losses, the penalties were not justified. The penalties of Rs. 6,43,300 and Rs. 3,80,530 for the respective assessment years were deleted. Case-Laws Income Tax Thu, 04 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378067