https://www.taxtmi.com/caselaws?id=442277 The Appellate Tribunal, ITAT Hyderabad, allowed the appeal of the assessee in a case involving the treatment of a claimed amount as capital loss and the initiation of penalty proceedings under section 271(1)(c) of the Act. The Tribunal held that the penalty could not be sustained as the claim, though not accepted by the Revenue, did not meet the conditions for imposing a penalty. The Assessing Officer was directed to delete the penalty imposed on the assessee. en-us Thu, 24 Aug 2023 00:00:00 +0530 Sat, 26 Aug 2023 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442277 The Appellate Tribunal, ITAT Hyderabad, allowed the appeal of the assessee in a case involving the treatment of a claimed amount as capital loss and the initiation of penalty proceedings under section 271(1)(c) of the Act. The Tribunal held that the penalty could not be sustained as the claim, though not accepted by the Revenue, did not meet the conditions for imposing a penalty. The Assessing Officer was directed to delete the penalty imposed on the assessee. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442277