https://www.taxtmi.com/caselaws?id=326400 The Tribunal allowed the assessee's appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the addition to income resulted from a variance in pricing methodology rather than intentional inaccuracies or concealment. It concluded that the assessee had acted in good faith and with due diligence in filing its return of income, leading to the deletion of the penalty. en-us Wed, 16 Mar 2016 00:00:00 +0530 Thu, 14 Apr 2016 10:01:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326400 The Tribunal allowed the assessee's appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the addition to income resulted from a variance in pricing methodology rather than intentional inaccuracies or concealment. It concluded that the assessee had acted in good faith and with due diligence in filing its return of income, leading to the deletion of the penalty. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326400