https://www.taxtmi.com/caselaws?id=781944 ITAT Raipur dismissed Revenue's appeal against deletion of penalty u/s 271(1)(c). The AO had levied penalty alleging furnishing of inaccurate particulars for claiming exemption u/s 10(38) on long-term capital gains from penny stock transactions. The assessee subsequently withdrew the exemption claim. CIT(A)/NFAC held that mere withdrawal and consequent addition, without any departmental enquiry disproving the claim or demonstrating falsity, did not establish concealment or furnishing of inaccurate particulars. ITAT upheld this view, noting AO failed to specify how inaccuracy was made out, and thus penalty was unsustainable. en-us Thu, 20 Nov 2025 00:00:00 +0530 Sat, 22 Nov 2025 07:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781944 ITAT Raipur dismissed Revenue's appeal against deletion of penalty u/s 271(1)(c). The AO had levied penalty alleging furnishing of inaccurate particulars for claiming exemption u/s 10(38) on long-term capital gains from penny stock transactions. The assessee subsequently withdrew the exemption claim. CIT(A)/NFAC held that mere withdrawal and consequent addition, without any departmental enquiry disproving the claim or demonstrating falsity, did not establish concealment or furnishing of inaccurate particulars. ITAT upheld this view, noting AO failed to specify how inaccuracy was made out, and thus penalty was unsustainable. Case-Laws Income Tax Thu, 20 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781944