https://www.taxtmi.com/caselaws?id=257779 The ITAT cancelled the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2006-07, as the Assessing Officer failed to disprove the actual sale price of shares declared by the assessee. The disallowance of claimed loss on the sale of shares of a company facing winding up proceedings was rejected due to lack of evidence of price manipulation. The burden of proof on the Assessing Officer to challenge declared sale prices was emphasized, and the requirement of a higher threshold of proof for penalty imposition under Section 271(1)(c) was upheld, leading to the dismissal of the appeal. en-us Fri, 13 Mar 2015 00:00:00 +0530 Mon, 23 Mar 2015 06:59:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257779 The ITAT cancelled the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2006-07, as the Assessing Officer failed to disprove the actual sale price of shares declared by the assessee. The disallowance of claimed loss on the sale of shares of a company facing winding up proceedings was rejected due to lack of evidence of price manipulation. The burden of proof on the Assessing Officer to challenge declared sale prices was emphasized, and the requirement of a higher threshold of proof for penalty imposition under Section 271(1)(c) was upheld, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 13 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257779