https://www.taxtmi.com/caselaws?id=781606 ITAT held that penalty under section 270A could not be imposed where the assessee had fully disclosed the loss and the dispute concerned only the legal characterisation of that loss as speculative versus non-speculative. The tribunal agreed with the appeal body that there was no under-reporting of income or culpable conduct; the assessment merely reclassified the loss without increasing tax for the year. Consequently, the penalty was deleted and the order of the appellate authority upholding cancellation of the penalty was affirmed in favour of the assessee. en-us Fri, 14 Nov 2025 00:00:00 +0530 Tue, 18 Nov 2025 08:42:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781606 ITAT held that penalty under section 270A could not be imposed where the assessee had fully disclosed the loss and the dispute concerned only the legal characterisation of that loss as speculative versus non-speculative. The tribunal agreed with the appeal body that there was no under-reporting of income or culpable conduct; the assessment merely reclassified the loss without increasing tax for the year. Consequently, the penalty was deleted and the order of the appellate authority upholding cancellation of the penalty was affirmed in favour of the assessee. Case-Laws Income Tax Fri, 14 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781606