https://www.taxtmi.com/caselaws?id=179936 The Tribunal upheld the cancellation of a penalty of Rs. 6,41,798/- under section 271(1)(c) for assessment year 2006-07. The penalty was initially imposed due to discrepancies in long-term capital gain declaration related to a property sale. However, the Tribunal agreed with the ld. CIT (A)'s decision to cancel the penalty, as the addition to total income was in accordance with the IT Act and did not indicate concealment or provision of inaccurate particulars, ultimately leading to the dismissal of the department's appeal. en-us Fri, 19 Aug 2011 00:00:00 +0530 Sat, 12 Mar 2016 13:00:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179936 The Tribunal upheld the cancellation of a penalty of Rs. 6,41,798/- under section 271(1)(c) for assessment year 2006-07. The penalty was initially imposed due to discrepancies in long-term capital gain declaration related to a property sale. However, the Tribunal agreed with the ld. CIT (A)'s decision to cancel the penalty, as the addition to total income was in accordance with the IT Act and did not indicate concealment or provision of inaccurate particulars, ultimately leading to the dismissal of the department's appeal. Case-Laws Income Tax Fri, 19 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179936