https://www.taxtmi.com/caselaws?id=207165 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) for the assessment year 2004-05. The penalty was deleted as the assessee's approach to determining the arm's length price (ALP) was found to be in good faith and with due diligence. The Tribunal emphasized that neither the main section 271(1)(c) nor Explanation 7 justified the imposition of the penalty in this case, leading to the dismissal of the appeal. en-us Fri, 26 Aug 2011 00:00:00 +0530 Mon, 25 Apr 2016 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207165 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) for the assessment year 2004-05. The penalty was deleted as the assessee's approach to determining the arm's length price (ALP) was found to be in good faith and with due diligence. The Tribunal emphasized that neither the main section 271(1)(c) nor Explanation 7 justified the imposition of the penalty in this case, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 26 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207165