https://www.taxtmi.com/caselaws?id=62767 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order to cancel the penalty of Rs. 90 lakhs imposed under Section 271(1)(c). The Tribunal found that the AO's actions were not justified, as there was insufficient evidence to prove that the assessee furnished inaccurate particulars of income. The AO's reliance on the DVO's valuation and the classification of the property as a capital asset were deemed untenable for penalty purposes. The penalty was deemed unsustainable, and the decision was pronounced on 8th February, 2008. en-us Fri, 08 Feb 2008 00:00:00 +0530 Thu, 28 Dec 2023 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62767 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order to cancel the penalty of Rs. 90 lakhs imposed under Section 271(1)(c). The Tribunal found that the AO's actions were not justified, as there was insufficient evidence to prove that the assessee furnished inaccurate particulars of income. The AO's reliance on the DVO's valuation and the classification of the property as a capital asset were deemed untenable for penalty purposes. The penalty was deemed unsustainable, and the decision was pronounced on 8th February, 2008. Case-Laws Income Tax Fri, 08 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62767