https://www.taxtmi.com/caselaws?id=237771 The High Court of Karnataka dismissed the Revenue's appeal against the Tribunal's decision to set aside the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2004-05. The Court found the penalty unjustified as it was based on a variance in valuation methods rather than intentional non-compliance. The Court also noted that the Revenue's objection to the appeal amount being less than Rs. 10 lakhs was not tenable as per a Board Circular, ultimately dismissing the appeal but allowing the Revenue the opportunity to seek revival if dissatisfied with the dismissal based on the Circular. en-us Tue, 19 Feb 2013 00:00:00 +0530 Mon, 07 Oct 2013 22:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237771 The High Court of Karnataka dismissed the Revenue's appeal against the Tribunal's decision to set aside the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 2004-05. The Court found the penalty unjustified as it was based on a variance in valuation methods rather than intentional non-compliance. The Court also noted that the Revenue's objection to the appeal amount being less than Rs. 10 lakhs was not tenable as per a Board Circular, ultimately dismissing the appeal but allowing the Revenue the opportunity to seek revival if dissatisfied with the dismissal based on the Circular. Case-Laws Income Tax Tue, 19 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237771