https://www.taxtmi.com/caselaws?id=266440 The Tribunal upheld the CIT (A) decision to delete the penalty of Rs. 10,94,116 imposed under section 271(1)(c) for furnishing inaccurate particulars of income. The Tribunal emphasized that since the additions made by the AO were deleted, no penalty was leviable. The application of section 50C in determining capital gains was found inappropriate, leading to the deletion of the penalty. The interpretation that any addition under section 50C should be made in the company's hands, not individual shareholders, supported the deletion of the penalty. The balance sheet information and lack of concrete evidence for quantum additions also influenced the decision to delete the penalty. en-us Fri, 11 Sep 2015 00:00:00 +0530 Tue, 20 Oct 2015 19:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266440 The Tribunal upheld the CIT (A) decision to delete the penalty of Rs. 10,94,116 imposed under section 271(1)(c) for furnishing inaccurate particulars of income. The Tribunal emphasized that since the additions made by the AO were deleted, no penalty was leviable. The application of section 50C in determining capital gains was found inappropriate, leading to the deletion of the penalty. The interpretation that any addition under section 50C should be made in the company's hands, not individual shareholders, supported the deletion of the penalty. The balance sheet information and lack of concrete evidence for quantum additions also influenced the decision to delete the penalty. Case-Laws Income Tax Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266440