https://www.taxtmi.com/caselaws?id=265188 The High Court upheld the Tribunal's decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Court found that the ownership of the diamonds, subject to penalty, belonged to the assessee, supported by various evidence including movement details, employment records, export invoices, and stock registers. The Tribunal's decision was based on factual evidence and consistency in declarations and valuations, leading to the dismissal of the Revenue's appeal. Consequently, the deletion of the penalty was upheld in favor of the appellant. en-us Thu, 28 Aug 2014 00:00:00 +0530 Thu, 08 Oct 2015 07:27:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265188 The High Court upheld the Tribunal's decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Court found that the ownership of the diamonds, subject to penalty, belonged to the assessee, supported by various evidence including movement details, employment records, export invoices, and stock registers. The Tribunal's decision was based on factual evidence and consistency in declarations and valuations, leading to the dismissal of the Revenue's appeal. Consequently, the deletion of the penalty was upheld in favor of the appellant. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265188