https://www.taxtmi.com/caselaws?id=177849 The Tribunal allowed the appeal of the assessee, directing the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the penalty was not justified as the assessee's actions were based on bona fide reasons, with no intention to conceal income. Additionally, the Tribunal determined a fair market value of the land at Rs. 665/- per sq. mtr as of 1-4-1981, criticizing the AO's valuation approach and emphasizing the importance of fair estimation in tax assessments. en-us Tue, 20 Mar 2012 00:00:00 +0530 Mon, 10 Jul 2017 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177849 The Tribunal allowed the appeal of the assessee, directing the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the penalty was not justified as the assessee's actions were based on bona fide reasons, with no intention to conceal income. Additionally, the Tribunal determined a fair market value of the land at Rs. 665/- per sq. mtr as of 1-4-1981, criticizing the AO's valuation approach and emphasizing the importance of fair estimation in tax assessments. Case-Laws Income Tax Tue, 20 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177849