https://www.taxtmi.com/caselaws?id=218410 The tribunal deleted the penalty imposed under section 271(1)(c) for the assessment year 2003-04, based on discrepancies in the computation of Long Term Capital Gains and adoption of fair market value. The tribunal found that the penalty could not be justified as there would be no positive capital gain after adopting the fair market value as declared by the appellant. Consequently, the tribunal dismissed the revenue's appeal and allowed the assessee's appeal. en-us Fri, 05 Oct 2012 00:00:00 +0530 Sat, 03 Nov 2012 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218410 The tribunal deleted the penalty imposed under section 271(1)(c) for the assessment year 2003-04, based on discrepancies in the computation of Long Term Capital Gains and adoption of fair market value. The tribunal found that the penalty could not be justified as there would be no positive capital gain after adopting the fair market value as declared by the appellant. Consequently, the tribunal dismissed the revenue's appeal and allowed the assessee's appeal. Case-Laws Income Tax Fri, 05 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218410