No section 271(1)(c) penalty on mere making of unsustainable claim

Tecnotree Convergence Ltd. [now Tecnotree Convergence Private Limited] Vs DCIT (ITAT Bangalore) Conclusion: Penalty under section 271(1)(c) was not leviable as mere making of a claim which was not sustainable in law, by itself, would not amount to furnishing inaccurate particulars regarding the income of assessee. Held: Assessee wrongly claimed the short term capital loss on certain shares which attracted provisions of section 94 and penalty levied on the amount of Rs.87,048 As such, penalty levied on the amount of Rs.12,86,23,096 to the extent of 100% of tax sought to be evaded. Assessee comp...