https://www.taxtmi.com/caselaws?id=326095 The ITAT upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) for AY 2006-07 and AY 2007-08. The Revenue's challenges were dismissed as the assessee's use of the Resale Price Method was deemed justified due to changes in business segments, and the adjustments by the TPO were based on comparables provided by the assessee. The ITAT found the assessee acted in good faith and with due diligence, meeting the requirements of Explanation 7 to Section 271(1)(c), resulting in the penalties being deleted for both assessment years. en-us Tue, 01 Mar 2016 00:00:00 +0530 Fri, 12 Aug 2016 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326095 The ITAT upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) for AY 2006-07 and AY 2007-08. The Revenue's challenges were dismissed as the assessee's use of the Resale Price Method was deemed justified due to changes in business segments, and the adjustments by the TPO were based on comparables provided by the assessee. The ITAT found the assessee acted in good faith and with due diligence, meeting the requirements of Explanation 7 to Section 271(1)(c), resulting in the penalties being deleted for both assessment years. Case-Laws Income Tax Tue, 01 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326095