https://www.taxtmi.com/caselaws?id=788057 The article addresses imposition of penalty under the Income tax Act for claiming and carrying forward losses not allowable under the Act, focusing on whether technical or system errors and asserted absence of mala fide intent can defeat penalty under the provision for furnishing inaccurate particulars. It explains that where brought forward losses are legally disallowable and their claim amounts to inaccurate particulars, penalty is sustainable unless the assessee establishes a bona fide belief or adequate disclosure that negates inaccuracy or bad faith; mens rea is not a statutory requirement but bona fide belief may avoid penalty. en-us Fri, 13 Mar 2026 00:00:00 +0530 Mon, 16 Mar 2026 08:42:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788057 The article addresses imposition of penalty under the Income tax Act for claiming and carrying forward losses not allowable under the Act, focusing on whether technical or system errors and asserted absence of mala fide intent can defeat penalty under the provision for furnishing inaccurate particulars. It explains that where brought forward losses are legally disallowable and their claim amounts to inaccurate particulars, penalty is sustainable unless the assessee establishes a bona fide belief or adequate disclosure that negates inaccuracy or bad faith; mens rea is not a statutory requirement but bona fide belief may avoid penalty. Case-Laws Income Tax Fri, 13 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788057