https://www.taxtmi.com/caselaws?id=295326 The Appellate Tribunal ITAT Chennai ruled in favor of the assessee in two appeals regarding penalty under Section 271(1)(c) of the Income-tax Act for assessment years 2007-08 and 2011-12. The case centered on whether claiming set off of losses in share trading against professional income constituted furnishing inaccurate particulars of income. The Tribunal found that disclosing all transaction details to the Assessing Officer and making a claim post disclosure did not amount to inaccurate particulars or concealment. Consequently, the penalties were deleted, and the appeals by the assessee were allowed. en-us Fri, 16 Nov 2018 00:00:00 +0530 Sat, 29 May 2021 08:28:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295326 The Appellate Tribunal ITAT Chennai ruled in favor of the assessee in two appeals regarding penalty under Section 271(1)(c) of the Income-tax Act for assessment years 2007-08 and 2011-12. The case centered on whether claiming set off of losses in share trading against professional income constituted furnishing inaccurate particulars of income. The Tribunal found that disclosing all transaction details to the Assessing Officer and making a claim post disclosure did not amount to inaccurate particulars or concealment. Consequently, the penalties were deleted, and the appeals by the assessee were allowed. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295326