https://www.taxtmi.com/caselaws?id=304533 The Tribunal allowed the appeal, canceling the penalty imposed under section 271B of the I.T. Act, 1961. The decision was based on the genuine belief of the assessee that the transactions with India Bulls Securities Ltd. were investment transactions, not business transactions, supported by audited accounts under section 44AB. The Tribunal held that the penalty was not justified as the assessee did not claim losses on share transactions in the return of income due to this belief. en-us Fri, 14 Nov 2014 00:00:00 +0530 Sun, 02 Oct 2022 19:01:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304533 The Tribunal allowed the appeal, canceling the penalty imposed under section 271B of the I.T. Act, 1961. The decision was based on the genuine belief of the assessee that the transactions with India Bulls Securities Ltd. were investment transactions, not business transactions, supported by audited accounts under section 44AB. The Tribunal held that the penalty was not justified as the assessee did not claim losses on share transactions in the return of income due to this belief. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304533