https://www.taxtmi.com/caselaws?id=314510 The ITAT dismissed the Revenue's appeal and the assessee's cross objection concerning the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 2009-10. The Tribunal upheld the CIT(A)'s decision to cancel the penalty related to the disallowance of future and option loss, as the underlying issue was pending before the Assessing Officer. The cross objection was deemed infructuous, and both the appeal and the cross objection were dismissed on December 10, 2018, in Ahmedabad. en-us Mon, 10 Dec 2018 00:00:00 +0530 Sat, 15 Jun 2024 08:23:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314510 The ITAT dismissed the Revenue's appeal and the assessee's cross objection concerning the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 2009-10. The Tribunal upheld the CIT(A)'s decision to cancel the penalty related to the disallowance of future and option loss, as the underlying issue was pending before the Assessing Officer. The cross objection was deemed infructuous, and both the appeal and the cross objection were dismissed on December 10, 2018, in Ahmedabad. Case-Laws Income Tax Mon, 10 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314510