Can penalty u/s 271(1)© be imposed in case of loss is treated as speculative by virtue of Explanation to Section 73 ?

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It is common practice among assessing officers to initiate penalty proceeding u/s 271(1)© of the Income Tax Act in case he or she treats loss claimed by taxpayer as speculative loss by virtue of Explanation to section 73. However, in most of the case , the fact regarding application of Explanation to Section 73 remains…