Appellate Tribunal rules no penalty u/s 271(1)(c) for taxpayer's revenue classification dispute with Assessing Officer.

Appellate Tribunal rules no penalty u/s 271(1)(c) for taxpayer's revenue classification dispute with Assessing Officer. https://www.taxtmi.com/highlights?id=66212 Penalty levied u/s. 271(1)(c) - mere treatment of an amount as revenue (by the AO) instead of capital (by the taxpayer) - The rejection of such a claim by the Appellate Tribunal does not amount to furnishing inaccurate particulars of income, thereby levying penalty u/s. 271(1)(c) - AT en-us Thu, 27 Oct 2022 11:21:42 +0530 Thu, 27 Oct 2022 11:21:42 +0530 TaxTMI RSS Generator Appellate Tribunal rules no penalty u/s 271(1)(c) for taxpayer's revenue classification dispute with Assessing Officer. https://www.taxtmi.com/highlights?id=66212 Penalty levied u/s. 271(1)(c) - mere treatment of an amount as revenue (by the AO) instead of capital (by the taxpayer) - The rejection of such a claim by the Appellate Tribunal does not amount to furnishing inaccurate particulars of income, thereby levying penalty u/s. 271(1)(c) - AT Highlights Income Tax Thu, 27 Oct 2022 11:21:42 +0530 https://www.taxtmi.com/highlights?id=66212