https://www.taxtmi.com/highlights?id=97517 The note addresses imposition of penalty for excess claim of speculation loss where the error arose from consolidation in a revised return by the taxpayer's tax consultant. It emphasises that absence of mens rea to evade tax and evidence of an inadvertent clerical mistake disentitle Revenue from levying penalty under the provision; the assessing officer therefore erred in invoking penalty. The operative legal point is that penalties for furnishing inaccurate particulars require deliberate or mala fide conduct, and mistakes attributable to a tax agent without proof of intent do not attract sanction. en-us Tue, 10 Mar 2026 08:51:27 +0530 Tue, 10 Mar 2026 08:51:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97517 The note addresses imposition of penalty for excess claim of speculation loss where the error arose from consolidation in a revised return by the taxpayer's tax consultant. It emphasises that absence of mens rea to evade tax and evidence of an inadvertent clerical mistake disentitle Revenue from levying penalty under the provision; the assessing officer therefore erred in invoking penalty. The operative legal point is that penalties for furnishing inaccurate particulars require deliberate or mala fide conduct, and mistakes attributable to a tax agent without proof of intent do not attract sanction. Highlights Income Tax Tue, 10 Mar 2026 08:51:27 +0530 https://www.taxtmi.com/highlights?id=97517