https://www.taxtmi.com/caselaws?id=755742 ITAT Indore dismissed the assessee's appeal challenging penalty under section 271(1)(c). The assessee argued the penalty notice was defective due to non-specific charges. The tribunal held that the AO properly deleted irrelevant portions from the show cause notice, specifically mentioning only the charge of furnishing inaccurate particulars of income. The penalty was justified as the assessee incorrectly claimed business loss instead of speculative loss not permissible under the Act. The tribunal confirmed CIT(A)'s order upholding the penalty. en-us Tue, 16 Jul 2024 00:00:00 +0530 Thu, 18 Jul 2024 06:54:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755742 ITAT Indore dismissed the assessee's appeal challenging penalty under section 271(1)(c). The assessee argued the penalty notice was defective due to non-specific charges. The tribunal held that the AO properly deleted irrelevant portions from the show cause notice, specifically mentioning only the charge of furnishing inaccurate particulars of income. The penalty was justified as the assessee incorrectly claimed business loss instead of speculative loss not permissible under the Act. The tribunal confirmed CIT(A)'s order upholding the penalty. Case-Laws Income Tax Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755742