https://www.taxtmi.com/caselaws?id=234271 The Appellate Authority canceled the penalty imposed under Section 271(1)(C) of the Income Tax Act on the assessee for inaccurate disclosure of sale price, as the capital gain remained a loss with no tax effect. The Tribunal upheld this decision, emphasizing the lack of evidence to challenge the valuation discrepancy. The Court rejected the Revenue's appeal, affirming the cancellation of the penalty, concluding the case. The judgment underscored the importance of genuine belief, legal precedents, and burden of proof in tax penalty assessments, stressing the need for concrete evidence in tax matters. en-us Tue, 14 May 2013 00:00:00 +0530 Wed, 17 Jun 2026 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234271 The Appellate Authority canceled the penalty imposed under Section 271(1)(C) of the Income Tax Act on the assessee for inaccurate disclosure of sale price, as the capital gain remained a loss with no tax effect. The Tribunal upheld this decision, emphasizing the lack of evidence to challenge the valuation discrepancy. The Court rejected the Revenue's appeal, affirming the cancellation of the penalty, concluding the case. The judgment underscored the importance of genuine belief, legal precedents, and burden of proof in tax penalty assessments, stressing the need for concrete evidence in tax matters. Case-Laws Income Tax Tue, 14 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234271