https://www.taxtmi.com/caselaws?id=424501 The Appellate Tribunal ruled in favor of the assessee in an appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal disagreed with treating short term capital gain as business income, upheld disallowance under section 14A, and directed re-computation of tax evasion. It found no concealment or inaccurate particulars, citing the Supreme Court decision in Reliance Petro Products Pvt. Ltd. The Tribunal concluded that the claim was not bogus and set aside previous orders, allowing the assessee's appeal on June 23, 2022. en-us Thu, 23 Jun 2022 00:00:00 +0530 Sat, 02 Jul 2022 09:12:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424501 The Appellate Tribunal ruled in favor of the assessee in an appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal disagreed with treating short term capital gain as business income, upheld disallowance under section 14A, and directed re-computation of tax evasion. It found no concealment or inaccurate particulars, citing the Supreme Court decision in Reliance Petro Products Pvt. Ltd. The Tribunal concluded that the claim was not bogus and set aside previous orders, allowing the assessee's appeal on June 23, 2022. Case-Laws Income Tax Thu, 23 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424501