https://www.taxtmi.com/caselaws?id=244723 The Appellate Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act for Assessment Year 2003-04. The Tribunal found that the assessee had transparently disclosed the valuation difference and complied with section 50C despite challenges arising from property demolition. Emphasizing the reasonable explanation provided by the assessee and the unique circumstances of the case, the Tribunal concluded that there were no grounds for penalty imposition and dismissed the appeal. en-us Fri, 28 Feb 2014 00:00:00 +0530 Thu, 06 Mar 2014 06:50:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244723 The Appellate Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act for Assessment Year 2003-04. The Tribunal found that the assessee had transparently disclosed the valuation difference and complied with section 50C despite challenges arising from property demolition. Emphasizing the reasonable explanation provided by the assessee and the unique circumstances of the case, the Tribunal concluded that there were no grounds for penalty imposition and dismissed the appeal. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244723