https://www.taxtmi.com/caselaws?id=220683 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income Tax Act was not valid. Merely invoking section 50C(2) for computing capital gains did not justify the penalty, as there was no evidence of the assessee furnishing false particulars. The appeals were allowed in favor of the assessee as the penalty was wrongly confirmed by the CIT(A). en-us Fri, 12 Oct 2012 00:00:00 +0530 Sat, 12 Mar 2016 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220683 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income Tax Act was not valid. Merely invoking section 50C(2) for computing capital gains did not justify the penalty, as there was no evidence of the assessee furnishing false particulars. The appeals were allowed in favor of the assessee as the penalty was wrongly confirmed by the CIT(A). Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220683