https://www.taxtmi.com/caselaws?id=186184 The Hon'ble ITAT upheld the deletion of the penalty under section 271(1)(c) of the IT Act by the Ld. Commissioner of Income Tax (Appeals). The case involved the issue of inaccurate particulars furnished by the assessee to reduce tax liability regarding the valuation of ESOP shares. The ITAT considered the explanation provided by the assessee as bona fide and genuine, noting the uncertainty and multiple opinions surrounding the matter. The decision was supported by the existence of differing views and the admission of an appeal by the Jurisdictional High Court. Consequently, the Revenue's appeal was dismissed. en-us Fri, 27 May 2011 00:00:00 +0530 Fri, 09 Sep 2016 14:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186184 The Hon'ble ITAT upheld the deletion of the penalty under section 271(1)(c) of the IT Act by the Ld. Commissioner of Income Tax (Appeals). The case involved the issue of inaccurate particulars furnished by the assessee to reduce tax liability regarding the valuation of ESOP shares. The ITAT considered the explanation provided by the assessee as bona fide and genuine, noting the uncertainty and multiple opinions surrounding the matter. The decision was supported by the existence of differing views and the admission of an appeal by the Jurisdictional High Court. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 27 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186184