https://www.taxtmi.com/caselaws?id=254407 The High Court upheld the Tribunal's decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, citing lack of concealment and legitimate reasons for the stock valuation differences. The Court found no substantial question of law in the appeal, leading to the dismissal of the Revenue's challenge. The judgment emphasized that the stock statements submitted to the bank were for financial accommodation purposes and disclosed to the authorities, indicating no intent to conceal information. en-us Mon, 12 Aug 2013 00:00:00 +0530 Sat, 20 Dec 2014 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254407 The High Court upheld the Tribunal's decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, citing lack of concealment and legitimate reasons for the stock valuation differences. The Court found no substantial question of law in the appeal, leading to the dismissal of the Revenue's challenge. The judgment emphasized that the stock statements submitted to the bank were for financial accommodation purposes and disclosed to the authorities, indicating no intent to conceal information. Case-Laws Income Tax Mon, 12 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254407