INCOME TAX ACT, 1961

--Penalty under section 271(1)(c)--Inaccurate particulars Disallowance of claim--It was settled position of law in matters of penalty that disallowance of speculation loss claimed by assessee cannot be considered to be concealment of income for imposition of penalty, moreover, assessee had furnished all particulars at the time of assessment itself.

Income Tax Act, 1961 Section 271(1)(c)

In the Bombay High Court

J. P. Devadhar & M.S. Sanklecha, J.J.

DIT v. Hongkong & Shanghai Banking Co. Ltd.

ITA No. 1461 of 2012

A.Y. 1992-93

17 January, 2013