https://www.taxtmi.com/caselaws?id=286405 Penalty for concealment could not survive after deletion of the underlying quantum addition. Profit from early termination of a forward foreign exchange contract was treated as capital in nature rather than income from other sources, removing the basis on which the penalty had been levied. Because no taxable addition remained, it was unnecessary to consider whether the taxpayer's claim was bona fide or whether the issue was debatable. The penalty under section 271(1)(c) was therefore deleted. en-us Thu, 18 Jul 2013 00:00:00 +0530 Mon, 24 Feb 2020 18:14:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286405 Penalty for concealment could not survive after deletion of the underlying quantum addition. Profit from early termination of a forward foreign exchange contract was treated as capital in nature rather than income from other sources, removing the basis on which the penalty had been levied. Because no taxable addition remained, it was unnecessary to consider whether the taxpayer's claim was bona fide or whether the issue was debatable. The penalty under section 271(1)(c) was therefore deleted. Case-Laws Income Tax Thu, 18 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286405