https://www.taxtmi.com/caselaws?id=405794 The ITAT held that reclassification of loss from business loss to speculative loss did not warrant a penalty under Section 271(1)(c) as the assessee had a bona fide belief and disclosed all necessary details. The penalty imposed by the AO was deleted, and the appeal filed by the assessee was allowed. en-us Fri, 26 Mar 2021 00:00:00 +0530 Fri, 26 Mar 2021 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405794 The ITAT held that reclassification of loss from business loss to speculative loss did not warrant a penalty under Section 271(1)(c) as the assessee had a bona fide belief and disclosed all necessary details. The penalty imposed by the AO was deleted, and the appeal filed by the assessee was allowed. Case-Laws Income Tax Fri, 26 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405794