https://www.taxtmi.com/caselaws?id=447090 ITAT Ahmedabad deleted penalties under section 271(1)(c) imposed on assessee for process loss disallowance and treatment of land/flat sale profits as business income instead of capital gains. Tribunal held that mere unsustainable claims do not constitute furnishing inaccurate particulars of income, following Supreme Court precedent in Reliance Petroproducts case. Additionally, disallowance under section 40A(2)(b) regarding interest payments to directors was deleted due to revenue neutrality, as directors offered interest income in their returns while providing personal guarantees for company loans without charging guarantee commission. en-us Wed, 13 Dec 2023 00:00:00 +0530 Mon, 18 Dec 2023 08:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447090 ITAT Ahmedabad deleted penalties under section 271(1)(c) imposed on assessee for process loss disallowance and treatment of land/flat sale profits as business income instead of capital gains. Tribunal held that mere unsustainable claims do not constitute furnishing inaccurate particulars of income, following Supreme Court precedent in Reliance Petroproducts case. Additionally, disallowance under section 40A(2)(b) regarding interest payments to directors was deleted due to revenue neutrality, as directors offered interest income in their returns while providing personal guarantees for company loans without charging guarantee commission. Case-Laws Income Tax Wed, 13 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447090